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 AUS$81 billion.
Mining makes up 33% 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 AUS$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.