Billion Dollar Royalty Boost Helps Deliver More For Regions

June 20, 2017

2017-18 NSW STATE BUDGET 

BILLION DOLLAR ROYALTY BOOST HELPS DELIVER MORE FOR REGIONS

The State Government deserves congratulations for its sound economic management and the delivery of a very strong Budget that has the potential to underpin the long-term future of NSW.

“Today’s State Budget confirms NSW as the economic engine room of the nation,” NSW Minerals Council CEO Stephen Galilee said today.

Today’s State Budget also forecasts a dramatic increase in mining royalties, estimated to increase by $839m over the next four years, bringing total royalty revenue to around $6.3bn over the next four years – equivalent to 80 per cent of total projected budget surpluses over the forward estimates.

The Budget papers also confirm taxpayers received an additional $300m in royalty revenue above previous estimates in 2016-17, bringing the total budget royalty boost to NSW to over a billion dollars.

“It’s great to see increasing royalty revenue delivering a significant boost to government finances and contributing to the very strong Budget outcome,” NSW Minerals CEO Stephen Galilee said today.

“With an additional $300m in royalties received this year and a projected $839m increase in royalties over the next four years, the people of NSW are set to receive a billion dollar budget boost from the state’s mining sector, bringing total royalty revenue to be around $6.3bn over the next four years, helping fund key infrastructure and services that the people of NSW expect and deserve," Mr Galilee said.

This billion-dollar budget royalty boost will help the NSW Government deliver more for the regions.

“Over the last few years we’ve joined others to call for more funding for regional NSW, and mining communities in particular, so it’s great to see signs in today’s Budget that those calls have been heard.”

“In particular, we welcome the announcement in today’s Budget of the establishment of the $1 billion Regional Growth Fund, and the confirmation of the Deputy Premier’s recent announcement of an additional $50 million contribution to the Resources for Regions program," he said.

“However, it’s unclear how much more of the $1 billion Regional Growth Fund will be allocated to Resources for Regions in the future. To avoid ongoing uncertainty about the future of the program, the Government should clarify its future plans for Resources for Regions funding."

“Mining communities need a consistent Resources for Regions funding stream and we will continue to argue on their behalf for at least $60m a year for the program, Mr Galilee said.

Contact: Harry Stutchbury | 
hstutchbury@nswmining.com.au | 0409 758 734 | 02 9274 1419

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