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Article by Kevin Morrison courtesy of Argus Media. Iron ore was one of the most resilient sectors in Australia’s resources industry during Covid-19, with another record-breaking year of profits in the 2019-20

WA’s booming iron ore industry contributed nearly one-fifth of total company tax paid across the whole of Australia last year — about $15 billion — keeping the nation on its feet in the face of a devastating pandemic.

“I congratulate our iron ore sector for its strength, reliability and resilience during the COVID-19 pandemic, and for its continued support of Australia’s economy,” Minister Pitt said.

“These changes will transform the NAIF to make it a more proactive investor in projects that will generate economic activity and job creation,”

“Australia’s minerals industry paid record taxes and royalties to federal, state and territory governments in 2019-20 even as the COVID-19 pandemic started to push the economy into recession,”

The mining industry exceeded government expectations in its tax receipts, accounting for 30 per cent of company tax collections, which is forecast to reach $100.5 billion by 2024-25.

Hancock Prospecting Group companies, Roy Hill and Atlas Iron, joined together to promote all that our industry does for our country. Please see latest advert.

Accenture Managing Director Andrew Charlton says a recent surge in iron ore prices is a “get out of jail free card” for Scott Morrison and Josh Frydenberg.

Booming iron ore exports are supercharging Australia’s pandemic recovery, helping to deliver the Federal Government a company tax windfall this year that’s almost $9 billion higher than forecast.

Now, one commodity is almost single-handedly keeping the trade relationship afloat: iron ore.

Australia’s Budget bottom line is recovering faster than expected, driven largely by the strength of WA’s iron ore sector, with analysts now suggesting it could be back in surplus within four years.