The New South Wales Minerals Council has called for clarity from the Federal Government on how much revenue from the Mineral Resources Rent Tax (MRRT) will be invested into the State’s infrastructure projects.
The MRRT will bring in an estimated $10.5 billion in revenues over the first two years, with $6 billion of that put into a Regional Infrastructure Fund.
The NSW Minerals Council wants a “fair and proportionate return” of the revenue generated in the Hunter Valley.
The Council’s chief executive Dr Nikki Williams was concerned the State had only been promised $2 million while Western Australia and Queensland had each been guaranteed $2 billion each.
“The MRRT only applies to coal and iron ore,” she said.
“NSW produces 42% of Australia’s black coal and that’s going to generate billions in new taxes for Canberra, but no promises have been made to recognise the magnitude of that contribution.
“Our mining regions shouldn’t be worse off because of a perception that NSW is not a resource State.
“That is why the NSW Minerals Council will work with community and business leaders to develop a priority projects list to ensure that our governments are aware of the region’s needs.”