Australia’s resources industry continues to inject billions into the country’s economy, with a report by audit firm Ernst & Young showing record tax and royalty payments contributed by the sector for the 2023 financial year.
In FY 22-23 Australia’s minerals sector contributed $42.5 billion in company tax and a decade-high $31.5 billion in royalties, according to the Royalty and Company Tax Payments report.
The Minerals Council of Australia (MCA) says these record tax and royalty payments reflect the sector’s commitment to paying its “fair share.”
Australia’s mining industry pays the highest average wages, contributes the most in company taxes, generates the most export revenue and sustains 1.1 million jobs.
The MCA says that if the government wants to protect these jobs, communities, and regions, while enhancing revenue for mining at the same time, it cannot take the industry’s contributions for granted.
“Stable and supportive policies are essential to attract the necessary investment,” CEO Tania Constable says.
Constable says the mining industry continues to demonstrate itself as the backbone of the national economy, contributing $74 billion to federal, state, and territory governments during FY 22-23. This is a $9.3 billion increase from the previous year.
The MCA says the industry propels the Australian economy forward, fostering economic opportunities and enabling government investments in vital services.
Write to Aaliyah Rogan at Mining.com.au
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