Mining delivers significant boost to NSW economy

The New South Wales Minerals Council reported that its latest member Expenditure Survey revealed 28 member mining companies supported record levels of mining jobs and direct spending in NSW.

According to the survey, in the last financial year, participating mining companies supported over 31,500 full-time equivalent jobs, an increase of more than 600 on the previous year. It is the highest reported in the more than a decade-long history of the survey. 

The survey also found participating companies directly injected A$23.6 billion into the NSW economy over the same period, an increase of $6.9 billion (41%) in spending compared to the previous year, and the highest level reported since the survey was first undertaken.

The $23.6 billion in direct spending included more than $3.4 billion spent on wages and salaries, $14.4 billion for goods and services purchased from almost 7,000 NSW businesses, and $5.8 billion in royalties and other taxes to the NSW government.

“As our state economy experiences challenging times, the mining sector has continued to make a vital contribution, delivering jobs, investment and economic stability right across NSW,” NSW Minerals Council CEO Stephen Galilee said.

“While spending levels may ease in the future as inflation falls and lower coal prices see royalty revenues return to more normal levels, the results of this survey demonstrate how when mining does well, NSW does well.”

A full copy of the report will be available on the NSW Mining website soon.

Source: NSW Minerals Council