For a sixth consecutive financial year, Australia’s resources have set a new export revenue record with $413 billion in FY22, up an extraordinary 37 per cent from the previous period, according to trade data released today by the Australian Bureau of Statistics.
Resources contributed 69 per cent of Australia’s total export revenue and were the main driver of our highest ever trade surplus recorded – $136 billion.
New records were recorded for coal ($112.8 billion – up 188 per cent from FY21), aluminium, alumina and bauxite ($14.4 billion – up 20 per cent from FY21) and copper ($12.5 billion – up 8 per cent from FY21). Iron ore and gold export revenue were down but still recorded significant trade figures – $133.9 billion (down 12 per cent from FY21) and $25.8 billion (down 9 per cent from FY21) respectively.
This incredible record growth again demonstrates the importance of Australia’s mining industry to the nation. It is the backbone of the Australian economy. And it has delivered at a time when it mattered most during the pandemic.
The industry in Australia continues to pay the highest wages on average, approximately 30 per cent out of total company tax, delivers the most export revenue and is critical to supporting regions and communities – providing 1.1 million jobs in the mining industry, the mining equipment, technology and services sector and their supply chains.
The record exports come after a record tax contribution in 2020-21 with a combined $43.2 billion in company tax and royalties, a 16 per cent increase from the $37.3 billion in the previous period.
This export and tax performance should not be taken for granted. Ongoing success for the industry and the community will heavily depend on a comprehensive policy environment that supports all businesses.
More needs to be done to attract investment needed for new projects to meet the growing demand for minerals for everyday living and to drive the energy transition to net zero emissions.
Globally competitive tax rates, workplace flexibility and increased government funding for pre-competitive exploration programs are all essential to mining’s long-term future.
And when the mining industry is strong, all Australians benefit.