The ninth annual Corporate Tax Transparency Report shows the Australian minerals industry contributed more tax than all other sectors combined in 2021-22.

Minerals Council of Australia chief executive officer Tania Constable today highlighted the latest Australian Tax Office data.

“According to the ninth annual Corporate Tax Transparency report, tax payable by mining and energy companies amounted to $42.4 billion in 2021-22, a staggering 50.6 per cent of all corporate tax collected in Australia during the period,” she said.

“The ATO report covers Australia’s 2713 largest entities. Mining companies were the largest contributors, with BHP and Rio Tinto again being Australia’s two largest taxpayers. Indeed, six mining companies were in Australia’s top ten taxpayers.

Ms Constable said this was not merely a product of recent high commodity prices, but the product of methodical commitment from the mining sector over the past two decades to build lasting prosperity for all Australians

“However, the industry’s record contribution should not be taken for granted,” she said.

“Mining is under attack on a myriad of flanks, with restrictive and regressive government policies combining to make investing in Australia a considerable risk. 

“These tax, industrial relations and environment policies are contributing to the elevated costs of running a business in Australia, forcing companies and investors to consider options abroad or accept moderated growth strategies.

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“These pressures have been clearly and publicly articulated by our members. They are not threats, but grim reality.”

She said the Albanese Government’s Closing Loopholes legislation would only compound those concerns, putting monumental cost pressures on miners, service contractors and small businesses across the economy, completely undermining the crucial tax contribution the sector was making.