Minister for Resources and Northern Australia Matt Canavan has welcomed the record AUS$1.8 billion contribution from mining royalties to the NSW Budget.
“This highlights the importance of mining and its vital contribution to state and national economies,” Minister Canavan said on 19 June.
“The jump from AUS$1.6 billion last year to AUS$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.
“With demand and prices expected to remain strong, the Budget is forecasting an extra AUS$800 million over the next four years to take total mining royalties in that period to AUS$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 AUS$1.3 billion in extra income for the state government and mining royalties in total topped AUS$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.”
Read the article online at: https://www.globalminingreview.com/finance-business/20062018/nsw-mining-royalties-contribution-celebrated-by-minister-for-resources-and-northern-australia/