Australian miners rail against looming tax changes

Australian miners rail against looming tax changes

Australian mining executives and industry groups are intensifying pressure on the federal government to exempt mineral explorers from planned capital gains tax (CGT) changes they warn could undermine investment and weaken the country’s global competitiveness.

The reforms, announced by Treasurer Jim Chalmers in the May 2026 federal budget, would replace the longstanding 50% CGT discount with cost base indexation and a 30% minimum tax on gains accruing from July 1, 2027. The government granted exemptions to technology start-ups but confirmed in September that exploration companies would not receive the same treatment.

“The capital gains tax is terrible,” Evolution Mining (ASX: EVN) founder and chairman Jake Klein said during the International Mining and Resources Convention (IMARC) in Sydney.

The dispute comes as Australia faces declining greenfields exploration and growing competition for global mining capital. Industry leaders argue the reforms would discourage investors from backing early-stage discoveries, potentially weakening the pipeline of projects needed to support future mineral production.

Exploration at risk

Minerals Coun...