A new record of massive company tax and royalty payments by the Australian minerals sector has funded roads, teachers, nurses, police and other essential services and infrastructure for our communities and families.
A Deloitte Access Economics report commissioned by MCA reveals that Australian mining companies paid $30.6 billion in company tax and royalties in 2017-18 – the equivalent of all Federal Government spending on Australian schools, universities and vocational training.
In 2017-18 Australian mining paid $18.6 billion in company tax, higher than the $15.4 billion paid in 2011-12 during the peak of the resources boom.
Mining companies also paid $12 billion in royalties to State Governments in 2017-18 – more than three times the amount paid a decade ago in 2007-08.
In total, mining companies paid $224.8 billion in company tax and royalties in the 11 years between 2007-08 and 2017-18.
These figures show the benefits delivered to taxpayers by the nation's largest export earner through billions of dollars paid to governments each year in taxes and royalties.
Yet there could be even more benefits delivered to the community if our politicians deliver reforms – in particular, an internationally-competitive tax rate – so Australia can secure investment in the mines of the future.
Federal and State governments need to ensure consistent policies that encourage investment and productivity in the resources sector, ensuring mining continues to deliver highly-paid, highly-skilled jobs in regional and remote Australia.