Latest data highlights mining’s record contribution to NSW economy
The NSW Minerals Council’s latest annual member Expenditure Survey has found that in the last financial year the 27 participating NSW mining companies supported a record number of mining jobs and direct spending in NSW, helping the NSW economy out of the Covid-19 economic downturn.
The Survey found that in the last financial year, participating mining companies supported almost 31,000 full time equivalent jobs, an increase of over 900 on the previous year and the highest reported in the decade-long history of the survey.
The Survey also found participating companies directly injected a record $16.7 billion into the NSW economy over the same period. This is an increase of $2 billion in spending compared to the previous year, and the highest level of mining spending reported in NSW in a decade.
The record $16.7 billion of direct mining spending included over $2.9 billion spent on wages and salaries, as well as $10.5 billion for goods and services purchased from almost 7,000 NSW businesses.
Surveyed companies also spent over $93 million in community contributions and payments to local governments, and around $3.4 billion was spent in taxes to the NSW Government, including royalties.
“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. NSW has gone through some tough times over the last few years, yet the mining sector has continued to make a vital contribution, delivering jobs, investment and economic stability right across NSW,” NSW Minerals Council CEO Stephen Galilee said today.
An economic analysis of the Survey results found the regional impact of the direct spending of the 27 participating mining companies was equivalent to:
30% of the Gross Regional Product (GRP) of the Hunter region
19% of the GRP of the Central West region
8% of the GRP of the Illawarra region
12% of the GRP of the North West region
36% of the GRP of the Far West of NSW
“These strong GRP results from across the state highlight how much of regional NSW continues to depend on mining for jobs, investment and economic growth,” Mr Galilee said.