In 2023–24, the Australian economy experienced slower growth, easing inflation, declining commodity prices and persistently high interest rates. These conditions contributed to a mixed performance among corporate taxpayers, with tax payable in the Corporate tax transparency population falling slightly by $2.2 billion (2.3%) to $95.7 billion compared to the previous year.
While most industry segments recorded an increase in tax paid, the Mining, Energy and Water segment saw a decline. This was primarily driven by weaker commodity prices, particularly for coal, oil, and gas, which impacted the profitability of major producers in the sector.
Offsetting this decline, more large oil and gas companies began paying tax for the first time in 2023–24, as carry-forward losses were depleted. Around $1.9 billion was collected from these entities, bringing the total paid by the oil and gas sector for 2023–24 to $10.4 billion. Targeted ATO interventions in the sector have contributed to stronger tax compliance and improved revenue outcomes in recent years.