Australian Far Right Party Proposes Norway Style Oil Fund and State Oil Company Pauline Hanson, leader of One Nation, has been gaining momentum this year, winning her party's first seat in the House of Representatives and securing backing from Gina Rinehart, Australia's richest person.
Her latest policy proposal involves creating a sovereign wealth fund and allowing the federal government to take a share of offshore production licenses, mirroring Norway's highly successful model.
Hanson's plan would see the creation of an Australian National Wealth Investment Corporation, which would give the federal government a 30% stake in offshore licenses, split development and decommissioning costs with industry partners, and retain part of production for domestic use.