Mineral exports buoy Australian economy

9th February 2023 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – The Minerals Council of Australia (MCA) has welcomed the latest trade data for 2022, saying it highlighted the contribution of the resources sector to the Australian economy.

“With a record high of A$461-billion in 2022, up 31% from the previous record set in 2021, global demand for Australia’s resources continues to underpin economic activity,” said MCA CEO Tania Constable.

“This strong growth in revenue has also delivered Australia's largest trade surplus, A$136-billion recorded in financial year 2022, at a time when it needed it the most.”

Coal contributed A$141-billion in revenues, up 123%, while iron-ore contributed A$123-billion, gold A$23-billion, aluminium some A$15-billion, up 14%, and copper A$12-billion.

“The export result delivers benefits for all Australians through the significant tax and royalties the mining industry pays to federal, state and territory governments,” said Constable.

“In the last decade, mining companies have contributed A$143-billion in company tax, equivalent to five years’ spending on the National Disability Insurance Scheme, and A$112-billion of royalties, payments that help fund vital government services including mental health, aged care and childcare. They also pay for schools, hospitals and critical infrastructure.

“The industry continues to pay the highest average wages, the most company taxes and is critical to supporting regions and communities, supporting 1.1-million jobs in the mining industry and its supply chains.

“This contribution cannot be taken for granted and governments must ensure that policies work to maintain international competitiveness, and to enable Australia to secure our share of the additional $100-billion of global mining investment needed every year to achieve net zero emissions by 2050,” Constable said.