Resources companies are Australia’s no. 1 company taxpayer

  • Posted 13 December, 2021
  • Media Releases

13 December

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New data released by the Australian Tax Office (ATO) shows resources companies pay more company tax than any other industry in Australia, the Queensland Resources Council (QRC) said today.

QRC Chief Executive Ian Macfarlane said the ATO Corporate Tax Transparency Report released last week busts the myth that resources companies don’t pay their fair share of tax.

He said the ATO report shows the opposite is true, with Australian resources companies contributing more than 40 percent of all the company tax paid in 2019-20 financial year.

“Australia’s resources sector has continued to underpin the national economy by paying the most company tax out of any industry, and we also pay our employees the highest wages compared to any other sector,” Mr Macfarlane said.

“On top of this, resources has been generating record economic activity in spite of the impact of the pandemic and is Australia’s most valuable export industry.”

Mr Macfarlane said rising global demand for Queensland’s in-demand commodities and raw materials plus a commitment to pursue new technologies to achieve net zero by 2050 means resources will continue to underpin the state economy for decades to come.

“Regional centres, in particular, are leading the way in providing the innovation, expertise and skilled labour needed to keep the resources sector operating at a high level, particularly as we transition to a lower emissions future,” he said.

“Every Queenslander should be proud of the economic and job contribution of the resources industry to this state, and of the people who go to work every day to keep our industry operating to a world class standard.

“In the past there’s been a reluctance by resources companies to talk publicly about what they’re doing or to even feel proud of what they’re doing, because of the constant threat of disruption and harassment by environmental activists.

“The reality is there are 422,592 hard-working men and women whose jobs are supported by the Queensland’s resources sector, and whose families and communities benefit every day from the financial security and job opportunities our industry provides.”

The latest SEEK employment data confirms there are jobs aplenty in Queensland, particularly in the mining, resources and energy sector.

“As of today, there are 1283 Queensland jobs advertised in the areas of mining, resources and energy, with more than 80 percent, or 1028 jobs, paying over $100,000 per year,” Mr Macfarlane said.

There was close to a 44 percent increase in SEEK job ads in Queensland’s Mining, Resources and Energy sector over the past 12 months, which shows opportunities are continuing to grow.

“Queensland’s resources sector is also the state’s largest private employer of Indigenous people, which shows resources companies are working hard to provide an inclusive and diverse workplace culture,” Mr Macfarlane said.

The top three locations currently offering the highest number of mining industry jobs in Queensland are the Mackay and Coalfields region at 420 jobs, followed by 364 jobs in Brisbane and 94 jobs in Western Queensland.

Other major centres offering jobs in resources are the Townsville region with 72 jobs available, followed by Mount Isa at 66 jobs, Rockhampton and Capricorn Coast region at 61 jobs and Gladstone at 46 jobs.