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Highlights
- Mining sector contributes $59.4B in tax and royalty payments
- Over $394B added to government revenue in a decade
- ASX200 stocks backed by strong mining performance
Australia’s minerals industry continues to cement its role as the backbone of the national economy, recording a remarkable $59.4 billion in tax and royalty contributions during the 2023–24 financial year. This comes as part of a broader decade-long support amounting to $394.6 billion, demonstrating the sector’s resilience and strategic importance.
The data, disclosed in the latest EY Royalty and Company Tax Payments Report commissioned by the Minerals Council of Australia, underscores the weight of the mining industry in shaping the country’s fiscal strength. Within the $59.4 billion, $32.5 billion was paid in company taxes, while $26.9 billion came through royalties — funding vital public infrastructure and services across Australia.
Among the key players in this sector, BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) have played critical roles in contributing to the national revenue stream. Their consistent operational output and fiscal discipline reflect the enduring power of Australia’s resource giants.
While the sector’s financial impact remains robust, the Minerals Council of Australia has raised a call to action — emphasizing that maintaining this momentum requires increased productivity across the economy. According to modelling by the Centre for International Economics, a modest 1% annual rise in labour productivity could lift economic growth by $290 billion by 2030. This translates to an approximate $11,700 increase in real consumption per household — a direct benefit for Australian families.
The Reserve Bank of Australia supports this view, highlighting that mining is the second-largest contributor to the national economy, comprising 12.2% as of May 2025. These figures are especially relevant for investors and stakeholders tracking ASX200 stocks, where major miners like Fortescue Metals Group (ASX:FMG) also hold influential positions.
This fiscal performance and economic integration position the mining sector as not just an exporter of commodities but a builder of the nation’s future. Continued collaboration between industry and government will be essential in sustaining Australia’s competitive edge in global resource markets.
As Australia steers toward greater economic diversification and innovation, its mining foundation — led by ASX heavyweights — remains a reliable pillar of growth, tax contributions, and long-term national benefit.
