Industry taxes hit records according to a research

In the 2020–21 fiscal year, mining firm tax and royalty payments from the Australian resources industries reached a record A$43.2 billion, an increase of 16% from the prior fiscal year.

and thermal coal and a strong year for base metals, gold, and iron ore. According to the research, Western Australia's portion of royalty payments rose sharply from 2018/19 to 2020/21, climbing from 56 percent in 2019/20 to 73 percent in 2020/21, exceeding the six-year high set in 2019/20.

The analysis discovered that the surge in Australian iron-ore exports is one of the key factors contributing to Western Australia's increased royalty payments.

Ninety-nine percent of Australia's iron ore is produced in Western Australia. The remaining 1 percent is produced in South Australia and Tasmania, thanks to rising royalties from the state's mining firms.

According to a report by consulting firm Ernst & Young, which was commissioned by the Minerals Council of Australia, royalties and company taxes paid in 2020/21 reached new highs of A$16.7 billion and A$26.5 billion, respectively. These highs helped federal, state, and territory governments significantly during the Covid-19 pandemic.

The research also reveals that the mining sector paid A$254 billion in corporate taxes and royalties in the last ten years, or A$142 billion and A$112 billion, respectively.

In 2021/22, company taxes and royalties payments are anticipated to keep rising in step with the growth in export revenues. This is caused by an upbeat expectation for the price and output of metallurgical