Taxable income is a company’s total income minus expenses, which is therefore affected by revenue growth and market conditions impacting deductions (for example, interest rate changes will affect a company’s borrowing expenses). Non-mining segments have experienced either declines or low growth in taxable income over the past five years. The mining, energy and water segment is the biggest contributor to the overall increase in taxable income, with steady and consistent growth over the past five years.
Figure 12 shows the trend in taxable income by industry segment over the past five years, Table 3 summarises this data. Taxable income was $208.4 billion in 2019–20, an increase of $0.2 billion (0.1%) on the prior year. All non-mining sectors have seen declines in taxable income this year due to rising costs and challenging market conditions.
Figure 12: Taxable income by industry segment over five years
Industry segment |
2015–16 |
2016–17 |
2017–18 |
2018–19 |
2019–20 |
---|---|---|---|---|---|
BFI |
70.8 |
63.3 |
74.9 |
63.9 |
60.2 |
ISR |
13.1 |
14.5 |
14.4 |
12.7 |
10.1 |
MCA |
12.4 |
12.7 |
14.9 |
15.4 |
13.3 |
WRS |
34.7 |
35.2 |
40.0 |
37.1 |
34.8 |
MIN |
11.0 |
30.4 |
49.3 |
79.1 |
90.0 |
All industry segments |
142.0 |
156.2 |
193.6 |
208.2 |
208.4 |