2026-10-14
The Australian Greens say a new report exposing an estimated $45 billion annual resource revenue shortfall lays bare Labor’s failure to stand up to the fossil fuel industry and finally make them pay what they owe while Australians struggle through a cost-of-living crisis.
The Australia’s Resource Wealth Giveaway report by Prosper Australia Research Institute finds Australia could collect an additional $16–18 billion a year from petroleum and $28 billion from mining by securing a fairer return on the resources that belong to all Australians.
The report finds Australia collects just 14% of petroleum value in public revenue, compared with around 40% in Norway and 42% in Alaska. It also points to Queensland coal, where reforms have demonstrated that a stronger public return is possible.
Australian Greens spokesperson for resources, Senator Steph Hodgins-May, said Labor was putting the interests of powerful corporations ahead of the people who actually own Australia’s resources:
“Australia is a resource-rich country, but Australians are being ripped off.
“We’re giving away billions in resource wealth while families struggle to pay the rent, put food on the table and afford basic healthcare.
“Labor can find billions to prop up the fossil fuel industry, but when it comes to making corporations like Santos, Woodside and Adani pay a fair return, suddenly it’s all too hard.
“Australians get just 14 cents in public revenue for every dollar of petroleum value created. Norway gets around 40 cents. I think we’re right to ask why we’re getting such a raw deal.
“Imagine what an extra $45 billion a year could mean. More affordable childcare, better healthcare, cheaper public transport and investment in clean energy. Instead, that wealth is flowing into corporate profits.
“Everyday Australians pay their taxes. Nurses, teachers and small business owners don’t get to decide they’d rather not contribute. So why do massive coal and gas corporations get special treatment?
“The fossil fuel industry will roll out its usual scare campaign about investment, but Queensland has already shown that governments can demand a fairer return for publicly owned resources.
“This is a political choice. Labor is choosing to protect the profits of fossil fuel corporations instead of making them pay their fair share.
“Australians own these resources. It’s time Australians got the benefits.”