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Income tax expense (Tables)
 12 Months Ended
Jun. 30, 2024
Text block 1 [Abstract]  
Summary of Income Tax Expense
    
2024
     2023     2022  
    
US$M
     US$M     US$M  
Total taxation expense comprises:
       
Current tax expense
   
 
7,435
 
     6,690       10,673  
Deferred tax (benefit)/expense
   
 
(988
) 
     387       64  
  
 
 
    
 
 
    
 
 
  
Total taxation expense
   
 
6,447
 
      7,077        10,737   
  
 
 
    
 
 
    
 
 
  
Summary of Factors Affecting Income Tax Expense
    
2024
     2023     2022  
    
US$M
     US$M     US$M  
Factors affecting income tax expense for the year
       
Income tax expense differs to the standard rate of corporation tax as follows:
       
Profit before taxation
   
 
16,048
 
     21,401       33,137  
  
 
 
    
 
 
    
 
 
  
Tax on profit at Australian prima facie tax rate of 30 per cent
   
 
4,814
 
     6,420       9,941  
  
 
 
    
 
 
    
 
 
  
Tax effect of (loss)/profit from equity accounted investments, related impairments and expenses
1
   
 
737
 
     (37 )      (19 ) 
Derecognition of deferred tax assets and current year tax losses
2
   
 
666
 
     526       1,087  
Tax on remitted and unremitted foreign earnings
   
 
224
 
     137       441  
Amounts (over)/under provided in prior years
   
 
(25
) 
     (18 )      (80 ) 
Foreign exchange adjustments
   
 
(79
) 
     94       (233 ) 
Recognition of previously unrecognised tax assets
   
 
(110
) 
     (109 )      (3 ) 
Impact of tax rates applicable outside of Australia
   
 
(556
) 
     (558 )      (801 ) 
Other
   
 
344
 
     236       97  
  
 
 
    
 
 
    
 
 
  
Income tax expense
   
 
6,015
 
     6,691       10,430  
  
 
 
    
 
 
    
 
 
  
Royalty-related taxation (net of income tax benefit)
3
   
 
432
 
     386       307  
  
 
 
    
 
 
    
 
 
  
Total taxation expense
   
 
6,447
 
      7,077       10,737  
  
 
 
    
 
 
    
 
 
  
 
1
 
This item removes the prima facie tax effect on (loss)/profit from equity accounted investments, related impairments and expenses that are net of tax, with the exception of the Samarco forward exchange derivatives described in note 4 ‘Significant events – Samarco dam failure’, which are taxable.
 
2
 
Includes the tax impacts related to the exceptional impairments of US deferred tax assets in the year ended 30 June 2022 as presented in note 3 ‘Exceptional items’.
 
3
 
Includes the revaluation of deferred tax balances in the year ended 30 June 2023, following the substantive enactment of the Chilean Royalty Bill, as presented in note 3 ‘Exceptional items’.
Summary of Income Tax Recognised in Other Comprehensive Income
Income tax recognised in other comprehensive income is as follows:
 
    
2024
     2023     2022  
    
US$M
     US$M     US$M  
Income tax effect of:
       
Items that may be reclassified subsequently to the income statement:
       
Hedges:
       
(Losses)/gains taken to equity
   
 
10
 
     (29 )         274  
Losses/(gains) transferred to the income statement
   
 
(15
) 
         45       (264 ) 
Others
   
 
–
 
     (11 )      –  
  
 
 
    
 
 
    
 
 
  
Income tax (charge)/credit relating to items that may be reclassified subsequently to the income statement
   
 
(5
) 
     5       10  
  
 
 
    
 
 
    
 
 
  
Items that will not be reclassified to the income statement:
       
Re-measurement
gains/(losses) on pension and medical schemes
   
 
(13
) 
     7       (9 ) 
  
 
 
    
 
 
    
 
 
  
Income tax (charge)/credit relating to items that will not be reclassified to the income statement
   
 
(13
) 
     7       (9 ) 
  
 
 
    
 
 
    
 
 
  
Total income tax (charge)/credit relating to components of other comprehensive income
1
   
 
(18
) 
     12       1  
  
 
 
    
 
 
    
 
 
  
 
1
 
Included within total income tax relating to components of other comprehensive income is US$(18) million relating to deferred taxes and US$ nil relating to current taxes (2023: US$12 million and US$
 
nil; 2022: US$1 million and US$
 
nil).