Australia is joining the Extractive Industries Transparency Initiative (EITI), an international standard for increased transparency and accountability in the resources sector.
The EITI is a collaboration between companies, civil society, and the governments of 51 countries for enhanced transparency and accountability.
Australia has committed more than $20 million in funding to the initiative since 2007, and is one of its largest and longest serving supporters.
Countries that implement the initiative will disclose information on taxes and other payments to governments and information on contracts, licenses, production, and exports as well.
This move is set to place Australia as a leader in transparency, credibility, and anti-corruption matters worldwide. It will also improve global investment conditions through consistent and open reporting standards.