Over the last decade for which data is available, salmon industry revenue has doubled from $543 million in 2013-14 to $1,352 million in 2022-23. Total revenue over the decade was $8,779 million.
Meanwhile, tax paid by the three largest salmon farms has been near-zero. The total combined reported tax payments by Tassal, Huon and SeaLord (owners of Petuna) over this period was $51 million. While obviously tax is paid on profits not revenue, that the total tax paid over 11 years by the salmon industry is just 0.6% of revenue suggests either a deeply unprofitable industry or (more clearly) one where Australians are clearly not getting a fair return.
But wait, there’s less.
As we’ve explained before, the $6m paid since 2019 is all from SeaLord, which also has non-salmon farming activities. Following its takeover of Petuna, SeaLord’s revenue increased, but tax payments decreased. This suggests that Petuna’s salmon operations don’t contribute to SeaLord’s tax payments, but actually reduce them.