Analysis The Federal Budget’s release on Tuesday has unveiled Australia’s mining sector as the foundation for Australia’s ambitious economic recovery plan, following the pandemic stemming from the CCP virus. The core of the budget lies in its funding, fueled by a rising demand—and rising cost—of metalliferous ores. Budget papers (pdf) showed that recent commodity prices, particularly iron ore, had kindled a resurgence in Australia’s terms of trade, resulting in an expected growth in nominal GDP by 3.75 percent in 2020-21, by 3.5 percent in 2021-22, and by 2 percent in 2022-23. According to a Minerals Council of Australia (MCA) media release, tax paid by mining companies surpassed government estimates and accounted for 30 percent of all company tax collections and was forecast to reach $100.5 billion in 2024-25. Analysis by Deloitte Access Economics revealed that the mining industry paid $39.9 billion in company tax and royalties in 2019-20, with a total …