The Pocket Guide to the Australian Tax System
According to the tax mix pie chart (pp. 5-6), "Company and petroleum resource rent taxes" were estimated to bring in $76.4 billion in taxes in 2008/09 - or ~24% of the total tax take of the Federal Government
Unfortunately the analysis doesn't break out company tax and petroleum resource taxes (or, if it does, I am missing it), but it does say (pp. 7-8) that for the 2005-6 FY the 0.2% of "incorporated taxpayers" (companies) who had $10m or more in annual income paid 64.5% of total company tax.
I'm not going to go and analyse the income statements of the top companies in Australia to see who paid what taxes, but when looking at the
ASX 50 (as at July)we have:
Symbol Company GICS Sector
AGK AGL Energy Limited 55 Utilities
AWC Alumina Limited 15 Materials
AMC Amcor Limited 15 Materials
AMP AMP Limited 40 Financials
ASX ASX Limited 40 Financials
ANZ Australia and New Zealand Banking Group Limited 40 Financials
AXA AXA Asia Pacific Holdings Limited 40 Financials
BNB Babcock & Brown Limited 40 Financials
BHP BHP Billiton Limited 15 Materials
BSL Bluescope Steel Limited 15 Materials
BXB Brambles Industries Limited 20 Industrials
CBA Commonwealth Bank of Australia Limited 40 Financials
CWN Crown Limited 25 Consumer Discretionary
CSL CSL Limited 35 Health Care
FXJ Fairfax Media Limited 25 Consumer Discretionary
FMG Fortescue Metals Group Ltd 15 Materials
FGL Foster's Group Limited 30 Consumer Staples
GMG Goodman Group 40 Financials
GPT GPT Group 40 Financials
IAG Insurance Australia Group Limited 40 Financials
LEI Leighton Holdings Limited 20 Industrials
LLC Lend Lease Corporation Limited 40 Financials
MAP Macquarie Airports 20 Industrials
MQG Macquarie Group Limited 40 Financials
MIG Macquarie Infrastructure Group 20 Industrials
MGR Mirvac Group 40 Financials
NAB National Australia Bank Limited 40 Financials
NCM Newcrest Mining Limited 15 Materials
NWS News Corporation 25 Consumer Discretionary
ORI Orica Limited 15 Materials
ORG Origin Energy Limited 10 Energy
OXR Oxiana Limited 15 Materials
QAN Qantas Airways Limited 20 Industrials
QBE QBE Insurance Group Limited 40 Financials
RIO Rio Tinto Limited 15 Materials
STO Santos Limited 10 Energy
SGB St George Bank Limited 40 Financials
SGP Stockland 40 Financials
SUN Suncorp-Metway Limited 40 Financials
TAH Tabcorp Holdings Limited 25 Consumer Discretionary
TEL Telecom Corporation Of New Zealand Limited 50 Telecommunications Services
TLS Telstra Corporation Limited 50 Telecommunications Services
TOL Toll Holdings Limited 20 Industrials
TCL Transurban Group 20 Industrials
WES Wesfarmers Limited 20 Industrials
WDC Westfield Group 40 Financials
WBC Westpac Banking Corporation Limited 40 Financials
WPL Woodside Petroleum Limited 10 Energy
WOW Woolworths Limited 30 Consumer Staples
WOR Worleyparsons Limited 10 Energy
Yeah there is some miners in there, but the majority aren't miners.
The company (and wider) tax take will be down, transfer payments will be up, and the government will run a deficit (but that is all par for the course for times like this).
TC, I am not saying that commodities producers aren't important to the economy. Clearly they are. What I am saying is that they aren't so important that every 10 year old kid at school should be given a golf ball sized piece of iron ore and told
"this is what keeps the world spinning".