Latest spending data highlights contribution of mining to NSW
The NSW Minerals Council’s latest annual member Expenditure Survey has found that in the last financial year the 28 participating NSW mining companies supported a record number of mining jobs and maintained high levels of mining spending during the Covid-19 pandemic, boosting the NSW economy at a time when it was most needed.
The Survey found that in the last financial year, participating mining companies supported over 30,000 full-time equivalent jobs, representing an increase of around 1,000 on the previous year and the highest number of mining jobs reported in the history of the survey.
The Survey also found that participating companies directly injected $14.6 billion into the NSW economy in the last financial year. This is the second highest level of mining spending in NSW in a decade and only slightly down on the record $14.9 billion reported for the previous financial year.
The $14.6 billion of direct mining spending in NSW in the last financial year included over $2.8 billion spent on wages and salaries, as well as almost $10 billion for goods and services purchased from over 7,300 mining supplier businesses in Sydney and across regional NSW.
7,300 NSW businesses were reported as part of the mining supply chain in the last financial year - down from 7800 businesses in the previous year, reflecting the difficulties faced by many businesses across NSW due to Covid-19.
“These jobs and expenditure numbers highlight the importance of a strong mining sector for the NSW economy and for regional mining communities across the state. These results also demonstrate how mining was able to provide economic strength and stability at the height of the pandemic,” NSW Minerals Council CEO Stephen Galilee said today.
“At a time when NSW needed it the most, our industry worked hard to provide jobs and support local communities. Surveyed companies also spent over $93 million in community contributions and payments to local governments, and around $1.7 billion was spent in taxes to the NSW Government, including royalties.”
An economic analysis of the Survey results found that the regional economic impact of the direct spending of the 28 participating mining companies was equivalent to:
“These strong GRP results from across the state show just how much regional communities continue to depend on mining for jobs, investment and economic growth,” Mr Galilee said.
A full copy of the report will be available on the NSW Mining website soon.