The government said it collected A$126m ($130m; £80m) in the six months since it was implemented on 1 July 2012.
It had forecast revenues of A$2bn in the year to 30 June 2013 from the move, which imposes a 30% tax on iron ore and coal mining firms in the country.
Treasurer Wayne Swan said that a drop in commodity prices had hit the resources sector and hurt tax revenues.
“It’s clear revenues from resource rent taxes have taken a massive hit from the impact of continued global instability, commodity price volatility and a high dollar,” Mr Swan said.
“Revenues across the board are down very substantially.
“Minerals Resource Rent Tax (MRRT) is a profits-based tax that raises more revenue when profits are higher and less when they are lower,” he explained.
Large mining firms had opposed the tax, saying it will hurt their competitiveness and affect future investment in the sector.
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