Mining Contributes $42.5 Billion in Taxes to Australian Economy

Australia’s mining sector contributed $42.5 billion (US$28.3 billion) in company tax and a decade-high $31.5 billion in royalties for the 2022-23 fiscal year, according to Ernst and Young’s report, commissioned by the Minerals Council of Australia. The mining lobby group said that the report shows the impact of the mining sector in propelling the Australian economy forward. The Minerals Council of Australia also said that the mining industry contributed $74 billion to federal, state, and territory governments during the 2022-23 fiscal year, an increase of $9.3 billion from the previous year. “The mining industry in Australia continues to pay the highest average wages, contribute the most company taxes, deliver the most export revenue, and play a critical role in supporting regions and communities—sustaining 1.1 million jobs in the mining industry and through its supply chains,” said Tania Constable, CEO of the Minerals Council of Australia....