New data released by the Australian Tax Office revealed the Australian mining industry contributed more tax than all other sectors combined in 2021-22.
The data highlights the significant role the minerals sector continues to play in delivering ongoing prosperity for all Australians.
According to the ninth annual corporate tax transparency report, tax payable by mining and energy companies amounted to $42.4 billion in 2021-22.
The amount accounted for 50.6 per cent of all corporate tax collected in Australia during the period.
BHP and Rio Tinto were Australia’s two largest taxpayers, and six mining companies were in Australia’s top 10 taxpayers overall.
In fact the mining sector, as highlighted by the ATO, “paid more tax in 2021-22 than the total tax from all sectors in each of the first three years of the corporate tax transparency reporting”.
The contribution is two and a half times larger than the 2017-18 period, where mining accounted for 30.7 per cent of corporate tax.
“This is not an overnight success story, or merely a product of high commodity prices, stemming from global forces,” Mineral Council of Australia chief executive officer Tania Constable said.
“This is the result of a concerted and methodical commitment from the mining sector over the past two decades to build lasting prosperity for all Australians.”
Constable said the Australian mining industry is facing pressures from rising costs, citing recent industrial relations and environmental policies as putting the sector at risk of having to consider options abroad.
“The industry’s record contribution should not be taken for granted,” she said.
“In uncertain economic times, the mining sector has proved itself a constant source of prosperity, helping communities and governments to deliver a better future for all.”
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