The NSW Minerals Council’s latest annual Member Expenditure Survey has found in the last financial year 28 participating NSW mining companies supported a record of over 5,500 mining jobs, maintained direct spending of over a billion dollars, and supported nearly 1000 businesses in the region during the Covid-19 pandemic, boosting the Central West economy at a time when it was most needed.
The Survey found in the last financial year participating mining companies supported 5,568 mining jobs in the Central West - an increase of over 600 on the previous year and the highest result reported in the ten year history of the survey.
The Survey also found participating companies directly injected $1.1 billion into the Central West economy in the last financial year - an increase of almost $100 million on the previous year and the highest spending result reported in a decade.
The $1.1 billion of direct mining spending in the Central West last financial year included over $396 million spent on wages and salaries, as well as almost $673 million for goods and services purchased from 985 mining supplier businesses across the Central West region.
The 985 Central West businesses reported as part of the region’s mining supply chain was down slightly from the 1,059 businesses reported in the previous year, reflecting the difficulties faced by many businesses across NSW due to Covid-19.
An economic analysis of these Survey results found the $1.1 billion of direct spending of the 28 participating mining companies in the last financial year contributed 19% of the GRP of the Central West region’s economy during this period.
“These record job and spending numbers highlight the importance of the mining sector for the Central West’s economy, and especially for mining communities across the region. These results also demonstrate how mining was able to provide economic strength and stability to the Central West at the height of the Covid-19 pandemic,” NSW Minerals Council CEO Stephen Galilee said today.
“The ongoing economic contribution to the Central West from our member companies highlights the resilience of our industry during these tough times, keeping mines operating while maintaining the safety of our miners, their families and our mining communities across NSW,” Mr Galilee said.