Industry transparency

Transparency is key to ensuring strong and trusting relationships between communities and our resources sector. A critical component of this is providing the community with more information and empowering them to make informed decisions.

About the Extractive Industries Transparency Initiative

The Extractive Industries Transparency Initiative (EITI) is a voluntary mechanism that promotes and supports improved governance in resource-rich countries through the full publication and verification of company payments and government revenues from oil, gas, and mining. It is a global standard that promotes revenue transparency and accountability in the extractive sector, and is a global benchmark for natural resource revenue management.

There are currently 53 countries participating in the EITI. Countries implementing the EITI Standard disclose information on taxes and other payments made by companies in these sectors to governments as well as other information such as licenses, contracts, production and exports.

How is the department involved?

Australia is one of the largest supporters of the EITI, committing more than $20 million since 2007. This has included funding for the EITI Secretariat, as well as the World Bank EITI Multi-Donor Trust Fund, which was established to support implementation of the EITI in developing countries.

On 6 May 2016, the Australian Government announced it would implement the fiscal transparency principles of the EITI. The decision was based on the outcomes of a 2011 Pilot that indicated that this information could be collected and reconciled to a high degree of accuracy.

An EITI Multi Stakeholder Group has been established, with representation from Australian and state and territory governments, industry and civil society. The group is charged with developing Australia’s candidacy application for EITI membership in accordance with the 2016 EITI standard.

Through its support and participation in the EITI, Australia will continue to ensure that its domestic approach is consistent with international efforts to increase transparency, including in tax systems, providing benefits for Australia’s resource companies by supporting consistent and open reporting standards for the world’s resources sector.

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