In 2010 the then Rudd government introduced a Resource Super Profit Tax on mining operations to “share” the benefits of the mining boom with the Australian community (or some such propaganda).
Today the ABS put out the latest installment in what is a very occasional data series – 8415.0 – Mining Operations.
Coal mining profits fell by over 88 per cent during 2012-13, according to a report released today from the Australian Bureau of Statistics (ABS).
Mr Chris Thompson, ABS Director of Annual Industry Statistics, said that this was largely due to the value of sales dropping by 16.9 per cent during the year.
“While coal miners reduced expenses by 2.6 per cent, it wasn’t enough to offset the sales decline,” said Mr Thompson.
“Metal ore mining profits also declined by 41.4 per cent and their sales fell by 8.9 per cent. Total expenses grew by nearly 10 per cent, mostly in non-wage expenses, which contributed to the fall in profits.”