Mining industry’s record tax contribution reinforces Australia's economic strength
Australia's mining sector has solidified its role as the nation's top taxpayer, contributing $43.1 billion in company tax during 2022-23, reinforcing the industry’s integral part in funding essential services across the country.
The Australian Taxation Office’s recent Corporate Tax Transparency Report shows that the mining industry continues to lead all sectors in tax contributions, with $74.6 billion in combined company tax and royalties. According to the Minerals Council of Australia, this figure, which includes $31.5 billion paid in royalties, demonstrates the sustained financial input mining makes to the nation, helping to fund critical areas such as healthcare, education, infrastructure, and national security.
Tania Constable, Chief Executive Officer of the Minerals Council of Australia, stated, "Australia’s mining industry continues to be the nation’s biggest taxpayer, paying $43.1 billion in company tax for 2022-23 and highlighting the crucial role mining plays in keeping our economy strong and funding the essential services that Australians rely on every day."
The mining sector's tax and royalty payments have surged fivefold since 2014-15, underlining the industry’s commitment to economic resilience and the funding of public services. Mining giants Rio Tinto, BHP, and Glencore led the list of Australia’s largest taxpayers, with the sector accounting for 44% of all tax paid by large corporate entities. For the second consecutive year, mining paid more in tax than all other industries combined, illustrating its unique role in supporting Australia’s fiscal health.
Mining and related services (METS) continue to be one of the country’s highest-paying sectors, supporting 1.1 million jobs both directly and indirectly. From funding for programs like the National Disability Insurance Scheme (NDIS) to public facilities and the AUKUS submarine program, the industry’s contributions help build a stable and well-supported future for Australians.
Constable noted that the sector’s growth is driven by strong export demand for Australia’s resources, adding, "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."
The latest figures affirm the central role of mining in Australia’s economy and society, signalling that continued support for this sector will bolster local economies and enhance national infrastructure, while keeping Australians employed in well-paid jobs across the country.
