Australian Minerals Sector Delivers $59.4 Billion in Tax and Royalty Payments to Support National Priorities 

The latest EY Royalty and Company Tax Payments report, commissioned by the Minerals Council of Australia shows that over the past decade, the minerals sector has contributed a remarkable $394.6 billion to government revenues, comprising $227.5 billion in company tax and $167.1 billion in royalties.

This enduring contribution underscores the sector’s role as a cornerstone of the Australian economy – funding essential services and major national priorities such as the NDIS, AUKUS, healthcare, and education.

In 2023–24 alone, the industry paid $59.4 billion in tax and royalty payments to federal, state and territory governments including $32.5 billion in company tax and $26.9 billion in royalties, reflecting the strength and resilience of the sector and its commitment to paying its fair share.

While commodity markets have normalised following recent highs, tax and royalty payments remain far above historical norms. The ongoing strength of the sector’s contribution – even as cost pressures mount – underscores the need for a sharp focus on lifting productivity across the economy.

Maintaining this level of contribution cannot be taken for granted. Global competition is fierce, and rising domestic costs make it harder for Australian operations to stay ahead.

If Australia wants to safeguard the jobs, investment, and revenue generated by mining, governments must support a more productive and competitive operating environment.

That means tackling lagging productivity, streamlining regulation, and ensuring workplace laws support enterprise and innovation.

Improving our currently weak productivity growth presents a massive opportunity and the industry stands ready to work constructively with the Government on these issues.

The Centre for International Economics estimates that a 1 per cent improvement in labour productivity each year could by 2030 lead to a $290 billion boost to economic growth and $11,700 increase in real consumption per household.

The minerals industry remains the country’s leading export earner, a major employer in regional Australia, and a vital source of the government revenue that funds Australia’s most important services and ambitions.

A strong mining industry means a stronger Australia.