The Australian minerals industry remains the nation’s leading export earner and a vital source of the federal government’s revenue, following the Minerals Council of Australia revealing the industry paid $59.4 billion in tax and royalty payments.
In the latest EY Royalty and Company Tax Payments Report, commissioned by the Minerals Council of Australia, it is shown that the minerals sector has contributed $394.6 billion over the past decade to government revenues.
This contribution includes $227.5 billion in company tax and $167.1 billion in royalties.
In 2023-24 alone, the industry paid $32.5 billion in company tax and $26.9 billion in royalties. The Minerals Council of Australia says this reflects the strength and resilience of the sector and its commitment to paying its fair share.
Despite the ongoing strength, the council says this report “underscores the need for sharp focus on lifting productivity across the economy”.
“If Australia wants to safeguard the jobs, investment, and revenue generated by mining, governments must support a more productive and competitive operating environment,” the council says.
According to the Central for International Economics, 1% of improvement in labour productivity each year could, by 2030, lead to a $290 billion boost to economic growth, as well as a $11,700 increase in real consumption per household.
The Reserve Bank of Australia reports the mining sector is the second largest key contributor to the nation’s economy, contributing 12.2%, as of May 2025.
Write to Aaliyah Rogan at Mining.com.au
Images: Minerals Council of Australia
