21 C
Newcastle
Saturday, February 27, 2021

Coal injects $14.9 billion into NSW economy

It might surprise many, especially with coronavirus rearing its ugly head last year, but the NSW Minerals Council’s latest annual member company Expenditure Survey makes for some positive reading, particularly for the Hunter.

The study revealed the 27 participating mining companies directly injected $14.9 billion into the NSW economy in 2019-2020.

This also allowed the industry to support tens of thousands of livelihoods.

“Despite the COVID-19 pandemic that gripped the world, mining’s contribution to the state remained strong, with increases in jobs, salaries and the number of local supplier businesses,” NSW Minerals Council CEO Stephen Galilee said.

“The $14.9 billion in spending by companies in NSW during the past financial year represents a growth of $1.2 billion on the previous financial year.

“It’s a very strong result given the survey period included the first half of 2020 when the impact of COVID-19 was being felt across the economy.

“There were almost 27,500 mining jobs supported by our member companies in 2019-20, a rise of about 1,300 compared to the previous financial year.

“Those member companies also directly spent $10.3 billion in NSW on the purchase of goods and services from almost 8,000 businesses.

“Surveyed companies spent $94 million in community contributions and payments to local governments, too, and contributed $1 .8 billion in taxes to the NSW Government, including royalties.”

Mr Galilee said the survey results emphasised one thing: the sector’s durability.

“The overall improvement in mining jobs during the past financial year highlights the resilience of our industry during tough times and the importance of keeping mines operating while maintaining safety of miners, their families and mining communities across NSW,” he stated.

“This outcome also demonstrates the significance of mining for thousands of small and medium businesses in regional NSW and across Sydney that supply our mines.”

The survey, now completed for a ninth year, showcases the scale of mining’s contribution and the magnitude of mining to the broader NSW economy.

“These results confirm that much of regional NSW continues to depend on mining projects for local jobs, investment and economic growth,” Mr Galilee said.

“If mining is to continue to deliver these direct economic benefits to NSW and help with the post-COVID-19 recovery, we need the right policy settings to support our miners, their families and our mining communities over the long term.”

The full results of the survey will be released in the coming weeks.