No it doesn't. I read that false statement all the time in newspapers. The States own the mineral resources under their soil. The people of each state 'own' the resources through their State and the States receive remuneration for the minerals extracted through royalties. I don't have a lick of a claim to any gold in WA or QLD and neither does the government of the Commonwealth. Remember we are a Federation of States, not one great big 'whats yours is mine' grab bag of the politics of envy. There is a reason the timber resources of Australia are held in State Forests and the timber areas that will never be used are in National Parks. This whole thread just screams 'Sovereign Risk' to anyone who wants to invest the capital, time, knowledge and grey hairs it takes to mine any resource.
Australia could become the second richest country in the World (joke). If someone is lucky enough to grab value almost for nothing - from out of the ground. They can live for free... No wonder Dire Straits sung "money for nothin' and chicks for free"... I guess "down under" this is how things work! Perhaps I should move to Australia!
