BHP contributes $52.9b to Australian economy in FY24
It’s been revealed that mining giant BHP (ASX: BHP) contributed $52.9b in economic value to Australia in FY24 through wages, dividends, payments to suppliers, investments, taxes and royalties.
Of this $52.9b, $22b was spent with suppliers and $110m went to social investment across BHP’s Australian communities.
BHP-operated projects spent around $700m with 240 Indigenous suppliers, a 75% increase year-on-year, and these projects are well on track to meet its commitment to procure $1.5b of goods and services from Indigenous and Traditional Owner businesses by FY27.
These projects contributed 9% and 11% of all government revenue (excluding grants) in Queensland and WA, respectively.
This is being supported by BHP’s initial commitment of $20m over two years for major Indigenous initiatives from Melbourne Business School which includes the Dilin Duwa Centre for Indigenous Business Leadership.
Around $14.5b was paid to Australian governments through taxes, royalties and other payments — equivalent to half of what the Federal Government expects to pay the state to run public hospitals next year.
Over the past 10 years, BHP has made over $107b in tax, royalty and other payments across Australia.
Wages, incentives and benefits paid to employees totalled $5.6b while $10.5b was paid in dividends to Australian shareholders.
BHP Australia president Geraldine Slattery says this success is possible by its partnerships.
“We believe in making a difference in the communities where we live and work. We are on track to meet our goal of procuring $1.5b of goods and services from Aboriginal and Torres Strait Islander and Traditional Owner businesses by the end of FY27,” she said.
“As well as continuing to invest in Indigenous businesses, we know it’s important to also invest in the skills and capabilities of current and future Indigenous business leaders and the ecosystem which enables them.
“We are proud of our contribution to the Australian economy and the role we play in helping fund the essential services on which Australians rely.”