Mining Industry’s Record-Breaking Tax Contribution Builds a Strong Future for Australia

Record Tax Contributions and Economic Impact

In 2022-23, the mining sector’s total tax payments, including $31.5 billion in royalties, reached a record $74.6 billion. This marks the second consecutive year where mining companies contributed more in taxes than all other industries combined, underscoring the sector's unmatched economic importance.

Mining giants Rio Tinto, BHP, and Glencore topped the list, with the sector overall accounting for about 44% of taxes paid by large corporate entities. This substantial tax revenue helps fund critical services across the country, such as the NDIS, healthcare, education, infrastructure projects, and national defense initiatives like the AUKUS submarine program.

Supporting Australian Communities and Jobs

In addition to tax contributions, the mining industry pays some of Australia’s highest wages and supports approximately 1.1 million jobs across the sector and its supply chains. From supporting local communities to enhancing infrastructure, mining is integral to Australia’s economic health and future.

Since 2014-15, the mining sector has increased its tax contributions fivefold, highlighting its commitment to powering the nation’s growth. This surge in tax payments is fueled by strong global demand for Australian resources, a reminder of the need for policies that support rather than hinder the development of new mining projects.

Visualization of Mining's Tax Contributions

To illustrate the scale of the mining industry's tax contributions and their impact on Australia's economy, see the accompanying chart:

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