Australia has lost $90 billion in revenue from some of its most valuable resources, according to an Oxford University expert.

Oxford Institute for Energy Studies academic Juan Carlos Boué said in a recent Senate submission that unless Australia “radically overhauled its fiscal regime” it will end up gathering second lowest share of government revenue from oil and gas in the world.

Australia is expected to earn just $600 million from billions of dollars of fossil fuels mined in 2018.

The concerns add to criticism of the 30-year-old petroleum resource rent tax, which provides generous uplift concessions so that companies can offset the cost of exploration and take the cost of decommissioning plants out of their tax.

Despite repeated calls from a range of authorities, Australia has been reluctant to consider an alternative royalty model of 10 per cent of all exports.

The Government argues that it would discourage new marginal projects.

Mr Carlos Boué said Australia and the UK are seeing an alarming downward trend in petroleum and gas revenues, especially compared to tightening tax regimes in other countries.

“The belief, in the face of statistical evidence derived from official government figures, that the Australian and UK fiscal regimes are not somehow aberrant seems akin to the drunken driver’s conviction that it is actually everybody else who is going the wrong way down the motorway,” he said.