BHP contributed over A$50 billion in economic value to Australia in the 2024 financial year through wages, dividends, payments to suppliers, taxes, royalties and investments in our communities.
The full scope of BHP’s economic contribution is laid out in the 2024 Economic Contribution Report.
Our total economic contribution to Australia of A$52.9 billion includes:
A$22.2 billion spent with suppliers.
BHP-operated projects spent around A$700m spent directly with 240 Indigenous suppliers, a year-on-year increase of 75 per cent. BHP operated projects are well on track to meet our commitment to procure A$1.5 billion of goods and services from Indigenous and Traditional Owner businesses by the end of FY27.
This is being supported by BHP’s initial commitment of A$20 million over two years for Melbourne Business School’s major Indigenous initiatives, including the Dilin Duwa Centre for Indigenous Business Leadership, to advance meaningful change in Indigenous business communities through education, research and engagement.
A$14.5 billion in payments to Australian governments through taxes, royalties and other payments – equivalent to roughly half of what the Federal Government expects to pay the States to run public hospitals next year. Over the last decade, BHP has made over A$107 billion in tax, royalty and other payments to Australian governments.
BHP remains one of Australia’s largest taxpayers, and we expect to fund around 6 per cent of total company tax in the 2024 financial year. Our adjusted effective Australian tax rate is 32.1 per cent, increasing to 44.4 per cent including royalties.
A$5.6 billion of wages, incentives and benefits paid to employees.
A$10.5 billion in dividends to Australian shareholders. Many millions of Australians benefit from BHP dividends either directly as shareholders or indirectly through their superannuation.
A$110 million in social investment in our communities in Australia.
BHP operated projects contributed 9 per cent and 11 per cent of all government revenue (excluding grants) in Queensland and Western Australia, respectively.
BHP President Australia Geraldine Slattery said:
“The success of BHP is only made possible by the hard work of our people and the hard work of the thousands of businesses we partner with around Australia - we could not do what we do without them.
“We believe in making a difference in the communities where we live and work. We are on track to meet our goal of procuring $1.5 billion of goods and services from Aboriginal and Torres Strait Islander and Traditional Owner businesses by the end of FY27.
“As well as continuing to invest in Indigenous businesses, we know it's important to also invest in the skills and capabilities of current and future Indigenous business leaders and the ecosystem which enables them.
“We are proud of our contribution to the Australian economy and the role we play in helping fund the essential services on which Australians rely.
“The $14.5 billion in taxes, royalties and other payments we made to Australian governments last financial year is around half what the Federal Government spends annually to run public hospitals across Australia.”
BHP Chief Financial Officer Vandita Pant said:
“In FY2024, our tax, royalty and other payments to governments totalled US$11.2 billion. Of this, 85 per cent was paid in Australia. BHP was one of the largest corporate taxpayers in Australia in FY2024.
“During the last decade, we paid US$95.1 billion globally in taxes, royalties and other payments to governments, including US$76.6 billion (approximately A$107.1 billion) in Australia. Our global adjusted effective tax rate in FY2024 was 32.5 per cent. Once royalties are included, our FY2024 rate increases to 41.7 per cent.
“This significant tax and royalty revenue we contribute to the countries where we operate is important and helps governments provide essential services and invest in their communities.”
Related Content
go to https://www.bhp.com/news/media-centre/releases/2024/09/bhps-economic-contribution-to-australia-tops-50-billion-in-fy24
|
