Record iron ore export revenue to support better services for all Australians

The contribution of iron ore producers to Australia’s post-pandemic economic recovery based on large long-term capital investment, innovation and hard work will be crucial in funding better services and infrastructure for all Australians in tomorrow’s Budget.

ABS data showing a new record for iron ore exports – $14 billion in March 2021, significantly up from the same month in 2020 ($9.2 billion) – follows outstanding export revenue results for iron ore in the first two months of the year, with $12.4 billion in January 2021 (up from $7.3 billion in January 2020) and $11.5 billion in February 2021 (up from $6.5 billion in February 2020).

Company tax payments from mining will help fund better services for the community including mental health, aged care and women’s programs.

Australian mining always pays its fair share of tax while providing royalties to state governments to pay for improved roads, hospitals and other infrastructure and services.

During a very challenging 2020, the Australian minerals industry drove prosperity in Australia, making substantial contributions to investment, exports, wages, jobs and government revenue.

Mining companies also support thousands of regional businesses around Australia and their workers who provide essential services that keep the industry operating.

In addition to new jobs across the nation and paying its fair share of taxes and royalties, the mining industry also supports local communities through backing local businesses through the COVID-19 pandemic and donations to hospitals, charities, child care centres and schools.

The future remains positive for Australian iron ore exports with China expecting continued growth and new frontiers opening up in South and East Asia and broader Indo-Pacific.

Australia’s mature, highly sophisticated, well managed and resourced iron ore industry makes it the critical supplier of choice for the world’s steel makers and positions the sector strongly as a low-cost producer of world-class iron ore to supply Asia’s high efficiency large steel mills.

Policies that encourage trade, investment and productivity growth will help Australian minerals producers to secure and maximise global opportunities.

Australia’s world-class iron ore and other minerals will support better services, support growth, create jobs and sustain regional communities for many decades ahead of trading in a globally competitive market environment.

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