Minister for Resources and Northern Australia Matt Canavan has welcomed the record $1.8 billion contribution from mining royalties to the Australian State of New South Wales’ (NSW) Budget.
Minister Canavan stated that this highlighted the importance of mining and its contribution to state and national economies.
“The jump from $1.6 billion last year to $1.8 billion this year in mining royalties for the NSW Government comes on the back of bigger export volumes and better prices for coal,” said Minister Canavan.
“With demand and prices expected to remain strong, the Budget is forecasting an extra $800 million over the next four years to take total mining royalties in that period to $7.4 billion.”
Minister Canavan said mining royalties played a vital role in helping states meet growing demands for infrastructure and services.
“Just last week, the Queensland Budget revealed that coal royalties alone have contributed $1.3 billion in extra income for the state government and mining royalties in total topped $4 billion.
“The royalties paid by mining companies, along with their spending on infrastructure, services and wages, are vital contributors to regional, state and national economies.”