Taxes paid and benefits to the Australian economy

MYTH

Woodside doesn’t pay taxes or royalties and doesn’t contribute to the Australian economy.

FACT

Woodside's projects have a history of direct economic and tax contributions supporting the prosperity of communities and governments. This record runs through the commodity price cycle and across generations.

• Woodside is the largest payer of PRRT and Australia's fifth-largest taxpayer in 2022–23.¹
• Since the PRRT has applied, Woodside has paid more than A$20 billion across its merged portfolio to 2023.²
• In addition, the Woodside-operated North West Shelf Project has paid A$40 billion in Australian royalties and excise (from start of production to 2023) (100% venture).³
• In 2023 alone, Woodside paid a record A$5 billion in Australian taxes, royalties and levies to the Western Australian and Australian governments. That's enough to build the Fiona Stanley Hospital two-and-a-half times over⁴ or fund almost the entire Australian Government contribution to the $11 billion Western Sydney Airport.⁵
• In the same year, Woodside paid A$60 million to the Western Australian Government in payroll taxes, bringing its total payment of payroll taxes to A$614 million since 2013.

Since 2011 Woodside has paid more than A$21 billion in Australian taxes, royalties and levies.⁶ In this same period, Woodside also paid wages to Australian employees which have generated more than A$4 billion in pay as you go (PAYG) withholding⁷ – money which goes back into communities, towns and cities all over Australia.

Woodside still contributes when profits are affected by downturns, such as during the COVID-19 pandemic years. Its Australian tax and royalty payments in 2020 were A$707 million⁸ against a pre-tax loss of approximately A$7.7 billion.

Governments and communities benefit beyond the direct taxes Woodside pays. Recent highlights include the following.

• Spending approximately A$6.26 billion on goods and services with Australian suppliers in 2023.⁹
• Donating A$1.125 million to Telethon, supporting 136 beneficiaries delivering life-changing programs, purchasing equipment and funding of medical research into childhood diseases.
• Committing A$50 million towards the Resources Community Investment Initiative.
• Contributing A$22 million towards training thousands of Western Australian apprentices for the future through the Construction Industry Training Fund.

To learn more about Woodside's social contribution, you can read the 2023 report here.

^{1 Based on information from the Australian Taxation Office website here and here.}

^{2 Includes data relevant to the assets acquired through the merger with BHP’s petroleum business, both before and from 1 June 2022.}

^{3 Based on amounts collected by the Australian Government in federal budget papers from 1984 to 2023 and other records.}

^{4 thewest.com.au/news/wa/hospital-to-cost-850m-a-year-ng-ya-362857.}

^{5 investment.infrastructure.gov.au/key-projects/sydney-metro-western-sydney-airport.}

^{6 Includes data relevant to the assets acquired through the merger with BHP’s petroleum business, both before and from 1 June 2022. Denotes cash tax paid to 30 June 2024.} 

^{7 Includes data relevant to the assets acquired through the merger with BHP’s petroleum business, both before and from 1 June 2022. Denotes PAYG withheld to 31 December 2023.}

^{8 https://www.woodside.com/sustainability/governance/corporate-governance.}

^{9 Converted from US$4.16 billion using the 2023 average AUD/USD exchange rate of $0.6645.}