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One sector pays more tax than all the rest combined

Tom McIlroy

BHP, Rio Tinto and Fortescue Metals Group helped the federal government’s corporate tax take rise to more than $83 billion last financial year, and new data show that resources companies paid more to the Tax Office than those in all other sectors of the economy combined.

The ATO’s latest corporate tax transparency report reveals a 22 per cent increase in corporate income tax in 2021-22 as high commodity prices and post-lockdown consumer spending boosted the federal budget.

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Tom McIlroy was the Financial Review’s Canberra bureau chief.

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    Original URL: https://www.afr.com/politics/federal/one-sector-pays-more-tax-than-all-the-rest-combined-20231108-p5eie9