This anticipated Budget surplus would not have been possible without a stronger Australian minerals sector.
A stronger Australian minerals sector continues to underpin the Federal budget position, with company tax receipts driving an $8 billion increase in revenue over the next four years.
This is the equivalent of a world-class hospital delivered by Australian mining in every state and territory.
According to Deloitte Access Economics, the Australian minerals industry paid $18.6 billion in company tax for 2017-18 alone – equal to 22 per cent of all company tax collected for that year.
Greater investment in skills and training and encouraging female STEM participation will ensure that Australia’s mining sector continues to deliver the economic dividends that secure strong budget outcomes.
In particular, greater support of the VET sector and apprenticeships will boost productivity and create new opportunities for young Australians in regional communities, including in the minerals sector.
Australia’s families have also reaped the benefits of Australia’s mining successes, with miners funding vital services such as lifesaving pharmaceuticals, nurses and schools.
New funding commitments for regional infrastructure will deliver improved freight routes, access to ports and airports.
However, the Government’s decision to retain the Biosecurity Import Levy will penalise the mining industry and other sectors that create jobs in regional Australia by increasing costs on imported machinery and other goods.
/Public Release. View in full here