BHP In Global Top 10 Earners

BHP Billiton has vaulted into the ranks of the world’s top 10 earning companies – and sparked fresh debate over how much tax Australia should collect from its booming mining sector – after the resources giant posted a staggering $A22.46 billion profit for the latest year. The result, driven by booming exports to China, completely dwarfed all previous profits earned by Australian companies, and was among the biggest 20 in global corporate history.

Only six other companies in the world – including US oil giant ExxonMobil, Royal Dutch Shell and Nestle – have ever posted fatter profits than the Melbourne-based miner did in the 12 months to June 30. Story continues below BHP’s profit – up an amazing 86 per cent on last year, which in turn was up 116 per cent on the previous year – reignited debate on the Gillard government’s mining tax. The proposed tax – a heavily watered-down version of the controversial mining super profits tax proposed under former prime minister Kevin Rudd – is yet to go through Parliament.
”This result shows just how important it is that the Liberals don’t succeed in blocking our resource tax reforms,” Treasurer Wayne Swan said after the BHP announcement. ”Results like this expose the huge economic risk posed by Tony Abbott, who thinks the mining sector pays too much tax.”

By TheAge | 2.12.2011