New South Wales mining royalties are at record levels and forecast to keep the state budget in surplus over the forward estimates to 2022-23, despite the sector having no major impact on the 2019-20 state budget.
Mining royalties in NSW are estimated to deliver almost $8 billion, or an annual average of $1.97 billion, to the state over the next four years.
In the same period, NSW budget surpluses are expected to average $1.7 billion.
Mining communities across NSW will also reportedly welcome the Treasurer’s move in keeping his pre-election commitment to not increase royalty rates.
“Strong royalty revenue is being delivered without increasing royalty rates, unlike other states where royalty increases have been proposed,” NSW Minerals Council chief executive Stephen Galilee said.
“Keeping this pre-election commitment will help to protect mining jobs across regional NSW and make NSW a more attractive destination for global mining investment.”
NSW Treasurer Dominic Perrottet in his ‘heartfelt tribute’ recognised a miner in the public gallery at the Parliament, saying, “He knows, as we do, just how much we depend on our miners for their contribution to our economy, and just how much they depend on us to do the right thing by them with policies that help, rather than hurt.”
Galilee pointed out that there are around 25 mining projects in the NSW planning system, which could use an approval to generate more royalty revenue.
“Approving these projects would deliver significant benefits for mining communities, for the NSW budget and for the NSW economy more generally,” he concluded.