Direct Mining Spending Boosts Central West Economy - Parkes and Forbes

February 19, 2019

The NSW Minerals Council’s latest annual member company Expenditure Survey has found that the 28 participating mining companies directly injected $606 million into the Central West economy in 2017/18, supporting thousands of jobs and generating millions in additional spending across the region, particularly in local mining communities. 
“These survey results show that mining’s contribution to the Central West economy remains strong, with jobs and the number of local business supported by our members increasing,” NSW Minerals Council CEO, Stephen Galilee said today.
This direct spending is estimated to have contributed 11 percent of the Gross Regional Product of the Central West economy in 2017-18.
This $606 million in direct spending in 2017-18 included almost $400 million in wages for 3,378 full-time employees, and nearly $208 million in purchases from 988 local businesses, along with community contributions and payments to local government.
In the Parkes Local Government Area (LGA), surveyed mining companies spent $67 million in 2017-18, including over $46 million in wages to 665 full-time employees, an increase of 239 jobs compared to the previous year.  Purchases with local businesses totalled nearly $22 million supporting 137 local businesses.
The survey found that direct mining spending in the Forbes LGA totalled almost $13 million in 2017-18, including nearly $9 million in wages to 123 full-time employees, an increase of 23 jobs compared to the previous year.  Purchases with local businesses totalled nearly $4 million supporting 58 local businesses.
Across NSW surveyed companies directly spent $10.7 billion in 2017/18 an increase of $300 million compared to the previous year.  This direct spending included over $3 billion in wages to more than 24,000 employees and $5.6 billion on the purchase of goods and services from 7,135 local businesses.
“This survey, now completed for a seventh year, confirms that the Central West region continues to depend on mining activity for local jobs, investment and economic growth. The challenge for whoever forms government at the March will be to implement the right policy settings for mining so our industry can deliver more jobs, more opportunities, and better times for our local mining communities over the long term,” he said.
Contact: Hugo Robinson | | 0409 758 734 | 02 9274 1419

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