Australia’s minerals sector delivered $59.4 billion in tax and royalty payments to governments across the country in 2023–24.
The figures, released in the latest EY Royalty and Company Tax Payments report commissioned by the Minerals Council of Australia (MCA), show $32.5 billion paid in company tax and $26.9 billion in royalties to federal, state and territory governments.
Tania Constable, chief executive officer of the MCA, said the sector’s contribution to government revenues has totalled an extraordinary $394.6 billion over the past decade – including $227.5 billion in company tax and $167.1 billion in royalties.
“This enduring contribution helps fund national priorities such as the NDIS, AUKUS, healthcare, and education,” Constable said. “It highlights the importance of a strong, competitive mining industry to Australia’s long-term prosperity.”
Despite a return to more typical commodity prices after recent peaks, the industry’s payments remain well above historical averages. Constable warned that Australia cannot take this level of revenue for granted.
“Global competition is fierce, and rising domestic costs make it harder for Australian operations to stay ahead,” she said. “If Australia wants to safeguard the jobs, investment, and revenue generated by mining, governments must support a more productive and competitive operating environment.”
Constable called for reforms to streamline regulation and ensure workplace laws encourage enterprise and innovation, saying the industry is ready to work collaboratively with government to drive change.
Research by the Centre for International Economics suggests that lifting labour productivity by just 1 per cent annually could generate an additional $290 billion in economic growth by 2030 and boost real household consumption by $11,700.
With the minerals sector remaining Australia’s largest export earner and a major regional employer, its economic importance remains clear.
“A strong mining industry means a stronger Australia,” Constable said.
