Mining sustains Australia in uncertain times

Mining continues to support jobs, the economy and government spending on essential services during difficult times for Australian families.

Trade data for 2022 reveals record export revenue which will generate substantial tax and royalty returns, higher wages and strong regional communities.

With a record high of $461 billion in 2022, up 31 per cent from the previous record set in 2021, global demand for Australia’s resources continues to underpin economic activity.

This strong growth in revenue has also delivered Australia largest trade surplus ($136 billion recorded in financial year 2022) at a time when it needed it the most.

Coal contributed $141 billion (up 123 per cent), iron ore $123 billion, gold $23 billion, aluminium (alumina and bauxite) $15 billion (up 14 per cent) and copper $12 billion.

The export result delivers benefits for all Australians through the significant tax and royalties the mining industry pays to federal, state and territory governments.

In the last decade, mining companies have contributed $143 billion in company tax, equivalent to five years’ spending on the National Disability Insurance Scheme, and $112 billion of royalties – payments that help fund vital government services including mental health, aged care and childcare. They also pay for schools, hospitals and critical infrastructure.

The industry continues to pay the highest average wages, the most company taxes and is critical to supporting regions and communities – supporting 1.1 million jobs in the mining industry and its supply chains.

This contribution cannot be taken for granted and governments must ensure that policies work to maintain international competitiveness, and to enable Australia to secure our share of the additional US$100 billion of global mining investment needed every year to achieve net zero emissions by 2050.

When Australian mining does well, all Australians do well.