Mining industry is nation’s biggest taxpayer

With a total of $43.1b in company tax paid, along with $31.5b in royalties, the mining sector paid a combined $74.6b in FY23.
With a total of $43.1b in company tax paid, along with $31.5b in royalties, the mining sector paid a combined $74.6b in FY23.

The latest Australian Tax Office (ATO) Tax Transparency Report shows that the nation’s mining industry is the biggest taxpayer for the second consecutive year.

With a total of $43.1b in company tax paid, along with $31.5b in royalties, the mining sector paid a combined $74.6b in FY23.

Minerals Council of Australia chief executive Tania Constable comments on this.

“Mining companies make up more than half of Australia’s top 20 largest taxpayers, with Rio Tinto, BHP, and Glencore taking the top three spots,” she said.

“In 2022-23, the sector accounted for approximately 44% of tax paid by large corporate entities, according to the ATO report.

“This means reliable funding for the NDIS, schools, roads, aged care, hospitals, and Australia’s national security, including the AUKUS submarine program.

“The industry also continues to pay the highest average wages and plays a vital role in supporting communities across Australia – backing 1.1 million jobs in the mining sector and its supply chains.

“From hospitals to highways, a strong mining industry means a strong and secure future for all Australians.

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