The New South Wales Government plans to inject $27.3 million over the next four years to fund the Future Jobs and Investment Authority, supporting employment and growth across the state’s coal-producing regions.
Originally announced in August 2023, the Future Jobs and Investment Authority will guide economic development initially in the Hunter and Central West regions, then expanding to include the Illawarra and North West regions.
It will also develop a framework to facilitate funding towards projects like infrastructure and post-mining land use planning, skills mapping, feasibility assessments and training programs. This will be done alongside the Federal Government’s Net-Zero Economy Authority.
The Future Jobs and Investment Authority will be supported by the Future Jobs and Investment Fund, potentially unlocking more than $100 million in funding.
“Thank you to workers, communities and the broader industry for their feedback as we deliver the Future Jobs and Investment Authority, a key election commitment,” NSW Natural Resources Minister Courtney Houssos said.
According to the NSW Government, there are about 25,000 people directly employed by the state’s coal mines.
As Australia shifts away from fossil fuels and embraces renewable energy, the Future Jobs and Investment Authority will aid a future beyond coal.
Described as “a strong authority to guide government decision-making” by Houssos, the governance framework for the Future Jobs and Investment Authority will include:
- a statutory authority led by a chief executive officer
- an advisory board that provides advice to Houssos and the statutory authority and is chaired by an independent chair
- local divisions in Hunter, Central West, Illawarra and North West comprising direct representation from coal-producing communities. Chairs of each division will also sit on the advisory board.
“Having its work report directly to the Minister, and supported by local divisions, means voices from each region will be heard,” Houssos said.
“We’ll be looking to the Authority to leverage its local expertise to identify and shape projects that will unlock the potential for new industrial and employment opportunities.
“Coal mining will continue to support thousands of local jobs and underpin the state’s energy grid for many years to come. As the global demand for coal decreases, we want to ensure we partner with workers, communities and regional centres to plan for the future.”
It is expected that all four of NSW’s coal-fired power stations and 32 of its 39 coal mines will close by 2040.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.