The 2021–22 year saw Australia return to normal operation after the COVID-19 pandemic. Australia’s corporate taxpayers generally performed well and were supported by monetary stimulus, strong commodity prices and consumer demand.
Tax paid in 2021–22 was the highest since corporate tax transparency reporting started, rebounding from COVID-19 and lockdowns. Company tax collections increased by $15.2 billion (22.2%) to $83.8 billion in 2021–22, reflecting a stronger-than-expected recovery in economic conditions.
As in previous reports, mining outperformed other segments of the economy. Wholesale, Retail and Services also did well, reflecting a lifting of COVID-19 restrictions.