ANZ's economic contribution to society is more than financial profits. We create jobs, pay salaries and invest in the skills of our people. We also pay taxes in the countries where we operate, support business in our supply chain and provide products that satisfy the needs of our customers.
Economic value generated and distributed (EVG&D), as defined in the Global Reporting Initiative's Sustainability Guidelines (G3), provides a basic indication of how an organisation has created wealth for stakeholders.
ANZ's EVG&D information is derived from our audited financial statements and community investment figures calculated using the London Benchmarking Group methodology.
In 2011, direct economic value generated was $35,817 million and total economic value distributed was $32,737 million.
|Economic Value Generated and Distributed|
|Direct economic value generated|
|Economic value distributed|
|Economic value retained/reinvested||$3,080m|
Total tax contribution
ANZ participates in an annual Total Tax Contribution Survey in conjunction with the Business Council of Australia and the Corporate Tax Association. ANZ uses this framework to communicate our economic tax contribution, manage tax-operating risk and optimise our tax strategy to create shareholder value. Further, a disclosure of this kind supports our tax strategy, being to maintain a low-risk tax appetite and a transparent tax culture.
During 2011, taxes borne in Australia amounted to more than $2.3 billion, with income tax and GST combining to contribute 84% of this amount. In New Zealand, taxes borne totalled $435 million, with income tax and GST contributing 89% of this amount.
Taxes collected in Australia amounted to $2.9 billion with more than half relating to GST and employee PAYG. New Zealand's taxes collected figure was $538 million with resident withholding tax and employee PAYG making up 78% of the total.