BHP has reported a A$60 billion contribution to the Australian economy in the 2023 financial year through various means such as wages, dividends, supplier payments, taxes, royalties, and community investments.
BHP revealed the figures in its 2023 Economic Contribution Report, which highlighted:
- Spending on Australian suppliers totalled $19.1 billion. This includes $400 million spent with Indigenous suppliers as part of a $1.5 billion commitment to Indigenous businesses by 30 June 2027.
- $18 billion in taxes, royalties, and other payments were paid to Australian governments in the last ten years, bringing its total tax and royalty payments in Australia to more than $100 billion.
- Dividends to Australian shareholders totalling $17.5 billion. BHP dividends benefit more than 17 million Australians, either directly as shareholders or indirectly through superannuation.
- $5.3 billion in employee wages.
- The BHP FutureFit Academy, which was launched in 2020 with a $300 million commitment to generate 2,500 new traineeships and apprenticeships over five years, has welcomed over 1100 people and produced 500 graduates who have joined BHP in permanent positions.
- $86 million in community investments.
- BHP remains one of Australia’s largest taxpayers, expected to cover around 8% of total Australian company tax for the financial year 2023 at an adjusted effective tax rate of 32.1%, rising to 44.9% when royalties are factored in.
- BHP-operated projects in Queensland and Western Australia provided 10% and 11% of total income (excluding grants), respectively.
BHP President Australia Geraldine Slattery said the company prioritises supporting Australia’s regional and remote communities, prioritising their benefits through their approach.
“BHP is a major contributor to Australia’s national economy and regional communities through jobs, training, local and Indigenous suppliers, taxes, royalties and social investments. We will continue to work in partnership with our many stakeholders to support Australia’s economic prosperity as we deliver the minerals needed for global economic development and decarbonisation,” Slattery stated.
BHP Chief Financial Officer David Lamont commented, “BHP’s dividends benefit roughly 17 million Australians who hold shares in the company, either as direct investors or through their superannuation. BHP was the largest dividend payer on the ASX100 over the past two financial years, paying around one fifth of all dividends on that index.”
