The minerals sector has recorded a record year of tax and royalty payments, having contributed a total of $74 billion to Federal, State, and Territory Governments, an increase of $9.3 billion from the previous year.
Commissioned by the Minerals Council of Australia (MCA), the latest EY Royalty and Company Tax Payments report reveals that in 2022-23, the sector contributed $42.5 billion in company tax and a decade-high $31.5 billion in royalties.
Over the past decade, the sector has contributed a cumulative $356.6 billion in company tax ($206.2 billion) and royalties ($150.4 billion) to the Australian economy.
The mining industry in Australia continues to pay the highest average wages, contribute the most company taxes, deliver the most export revenue, and play a critical role in supporting regions and communities — sustaining 1.1 million jobs in the mining industry and through its supply chains.
The MCA’s CEO, Tania Constable, said that if the government wants to protect these jobs and enhance revenue from mining, it cannot take the sector’s strong contributions for granted.
“Stable and supportive policies are essential to attract the necessary investment.”
Image: Sutthiphong Chandaeng/shutterstock.com
