Public duties on the disposal of Australia's non-renewable resources: the case for regulatory reform

Australia’s non-renewable resources in the form of minerals and petroleum represent a significant part of our national wealth and revenue. Their disposal should be subject to duties on the part of public officials to oversee the disposal to maximise the benefits for the Australian people. This article argues that those duties are seriously deficient. It analyses why that is the case and sets out an argument for change and proposals for reform. One of the main reasons why there is a lack of duties on disposal is that production takes place under petroleum and mineral licensing statutes that use the concession model to confer rights to the resource on the private sector. This article explores the structure of that model and the many changes that have occurred since those statutes were enacted.