S3TC analysis, page-29

It's nothing to do with giving the resources away for nothing.

Norway hasn't spent any of the royalties raised from it's oil & gas fields, it all went into their sovereign wealth fund.
Where as Australia has spent practically spent all of it's royalties from it's mining fields.

If Australia had followed Norway's example it would have a similar sized wealth fund but would have had considerably higher tax levels over the last 50 years.

To 'fix the problem' would require the population to accept paying much higher taxes, never going to happen.

Although the petroleum resource rent tax is a complete joke, I'll admit that.