The Australia Institute’s chief economist and executive director, Richard Denniss, has published startling analysis showing that the Norwegian Government will this year collect $137 billion from their oil industry courtesy of their well designed super profits tax. In turn, Norway’s Sovereign Wealth Fund will soar to $1.8 trillion – shared among only 5.3 million people.
Meanwhile, our corrupt politicians in Australia are letting the foreign-owned energy cartel ruthlessly gouge Australians and earn super profits:
This year Norway, with a population of only 5.3 million, will collect about $137bn in tax from their oil industry. They had expected $95bn but will collect nearly 50% more than planned, mainly because of higher oil and gas prices. That’s what a good resource tax system looks like.
