Stronger mining industry supports faster return to Budget surplus

Data from the Australian Bureau of Statistics shows that record profits from Australia’s minerals sector are making Australia’s economy stronger.

During 2018, pre-tax profits of resource companies increased to a record $81 billion.

Mining makes up 33 per cent of all company profits in Australia, which makes it a significant contributor to government revenues which fund teachers, doctors, police and other essential services and infrastructure.

With resource company profits growing by $16.9 billion during 2018, it is clear that strong prices for iron ore and coal will support a faster return to Budget surplus.

A stronger mining industry is good for Australia.

ends