- Media Release
Mining pays more tax than all other sectors combined
For the third consecutive year, the Australian mining industry has paid more tax than all other sectors of the economy combined.
This significant contribution, confirmed in today’s ATO Corporate Tax Transparency Report, underscores the industry’s vital role in funding essential services such as health and education, bolstering the Federal Government’s budget, boosting economic growth, and supporting communities.
The report confirms Australia’s mining industry as the nation’s biggest taxpayer, paying $65 billion in company tax and royalties for 2023-24, despite weaker commodity prices and challenging geopolitical conditions – highlighting the resilience of the mining industry.
This resilience was noted today by ATO’s Assistant Commissioner Michelle Sams, who said: “Despite a decrease in tax payable reflecting weaker commodity prices which impacted profitability of major producers in the sector, 2023-24 is the third year in a row that the mining sector paid more tax than all other sectors combined’’.
Throughout the year, the mining sector paid $38.1 billion in company tax alone, while contributing $26.9 billion to State budgets through royalties, as confirmed by EY in its Royalty and Company Tax Payments report.
This contribution highlights the central role mining plays in Australia’s ongoing prosperity, and why supporting the sector to grow and invest is essential to sustaining jobs, driving regional development, and funding the hospitals, schools, infrastructure and services like the NDIS and Pharmaceutical Benefits Scheme that Australians rely on.
The report also confirmed mining companies make up more than half of Australia’s top 20 largest individual taxpayers, with Rio Tinto and BHP leading the way.
This growth in tax contributions, against the backdrop of lower commodity prices and sustained geopolitical pressures, reflects strong export demand for Australian resources and is a further reminder of the importance of backing Australian mining, and pursuing policies that attract new investment, lower the cost of doing business, and provide the certainty that unlocks new projects.