The Minerals Council of Australia’s advertising campaign against the Resource Super Profits Tax (RSPT) highlights its $80 billion tax payments over the last decade. Eighty billion dollars in the abstract does not really mean much. It has to be related to the mining industry’s profits and compared with other industries. Using the national accounts as basis for Australian industry as a whole, the average tax rate paid by Australian business in the nine years since the Howard government introduced the New Tax System was 24 per cent. In comparison, the $80 billion tax contribution of the mining industry averages out at just 19 per cent.
Related documents
Between the Lines Newsletter
The biggest stories and the best analysis from the team at the Australia Institute, delivered to your inbox every fortnight.
You might also like
Do you have $3 million in super? Me neither. These changes will actually help you
Labor’s planned reforms to superannuation tax concessions may be being reported as “controversial” but the fact is they are popular.
The changes to superannuation tax concessions are needed and very fair
The arguments against the government’s changes to the taxation of superannuation are nothing more than lies and fear.
Why you shouldn’t be scared of these super changes
The election might be over, but the next big scare campaign is just getting started. The subject this time is the Albanese government’s planned changes to taxes on superannuation.