16 February 2024
Latest data reveals mining’s record-breaking contribution to NSW economy
The NSW Minerals Council’s latest annual member Expenditure Survey reveals in the last financial year 28 participating NSW mining companies supported record levels of mining jobs and direct spending in NSW, delivering a significant boost to the NSW economy.
In the last financial year, participating mining companies supported over 31,500 full-time equivalent jobs, an increase of over 600 on the previous year, 1500 more than in the 2020-21 financial year and the highest reported in the more than a decade-long history of the survey.
The survey also found participating companies directly injected $23.6 billion into the NSW economy over the same period, an increase of $6.9 billion (41 percent) in spending compared to the previous year, and the highest level reported since the survey was first undertaken.
The $23.6 billion in direct spending included over $3.4 billion spent on wages and salaries, $14.4 billion for goods and services purchased from almost 7,000 NSW businesses and $5.8 billion in royalties and other taxes to the NSW Government.
The significant increase in direct spending compared to the previous year was largely driven by inflation-driven increases in industry operating costs, including for energy and fuel, higher wages, and record royalties delivered to the NSW Government due to record coal prices.
“As our state economy experiences challenging times, 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.
“While spending levels may ease in the future as inflation falls and lower coal prices see royalty revenues return to more normal levels, the results of this survey demonstrate how when mining does well, NSW does well,” he said.
An economic analysis of the Survey results found the regional impact of the direct spending of the 28 participating mining companies was equivalent to:
- 25% of the Gross Regional Product (GRP) of the Hunter region
- 19% of the GRP of the Central West region
- 7% of the GRP of the Illawarra region
- 14% of the GRP of the North West region
- 5% of the GRP of the Northern region
- 22% 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.
A full copy of the report will be available on the NSW Mining website soon.
Contact: Brad Emery | bemery@nswmining.com.au | 0450620254