The Australian minerals sector has contributed $394.6 billion to government revenues over the past decade, according to the latest EY Royalty and Company Tax Payments report commissioned by the Minerals Council of Australia.

The report details that between company tax ($227.5 billion) and royalties ($167.1 billion), the industry continues to play a significant role in funding public services and national priorities.

In the 2023–24 financial year alone, the sector paid $59.4 billion in taxes and royalties to federal, state, and territory governments.

This figure, which includes $32.5 billion in company tax and $26.9 billion in royalties, remains well above historical averages despite a normalisation of commodity markets following recent highs.

Industry leaders point to the ongoing strength of these contributions, even as the sector faces rising costs and increased global competition.

“Maintaining this level of contribution cannot be taken for granted. Global competition is fierce, and rising domestic costs make it harder for Australian operations to stay ahead,” said Tania Constable, Chief Executive Officer of the Minerals Council of Australia.

The report also highlights the sector’s role as a leading export earner and a major employer, particularly in regional areas.

Economists suggest that improving productivity could further enhance the sector’s impact, with estimates from the Centre for International Economics indicating that a 1 per cent annual increase in labour productivity could boost economic growth by $290 billion and raise real household consumption by $11,700 by 2030.

As the minerals industry calls for regulatory streamlining and policies to support innovation, the figures underscore its ongoing importance to Australia’s economy and public finances.