Australia’s miners pay more tax than all other industries combined
The latest ATO Corporate Tax Transparency Report shows that Australia’s mining industry continues to be the nation’s biggest taxpayer, paying A$43.1-billion in company tax for 2022/23.
This, Minerals Council of Australia CEO Tania Constable says, highlights the crucial role mining plays in keeping the economy strong and funding the essential services that Australians rely on every day.
In 2022/23, the mining sector not only led the nation in tax contributions, increasing its payments from the previous year, but also paid a combined A$74.6-billion in company tax and royalties, including A$31.5-billion in royalties alone.
This record tax contribution marks the second consecutive year the sector has paid more in tax than all other industries combined.
Mining companies make up more than half of Australia’s top 20 largest taxpayers, with Rio Tinto, BHP and Glencore taking the top three spots. In 2022/23, the sector accounted for about 44% of tax paid by large corporate entities, according to the ATO report.
“This means reliable funding for the NDIS, schools, roads, aged care, hospitals, and Australia’s national security, including the AUKUS submarine programme,” says Constable.
The industry also continues to pay the highest average wages and plays a key role in supporting communities across Australia – backing 1.1-million jobs in the mining sector and its supply chains. From hospitals to highways, a strong mining industry means a strong and secure future for all Australians.
Since 2014/15, mining has increased its tax payments fivefold, illustrating the industry’s unwavering commitment to powering Australia’s future.
“This growth reflects strong export demand for Australian resources, a clear reminder that we should be backing new mining projects – not holding them back with red tape and drawn-out approvals,” concludes Constable.
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