NSW Minerals Council chief executive officer Stephen Galilee has reacted to the newly announced New South Wales Budget, saying that regional mining communities will be “hit hard” by the cutting of several mining-related funding programs.
The Budget has cut three programs, including the Resources for Regions program, the Critical Minerals Activation program and the Coal Innovation program.
“The abolition of the ‘Resources for Regions’ program will directly affect the quality of life of all people living in the 26 local government areas previously eligible for program funding,” Galilee said.
“This was an important program that delivered funding worth hundreds of millions over many years to local councils representing mining communities, helping to provide improved local infrastructure and services.
“It is therefore extremely disappointing that despite the extra billions to be delivered in mining royalties, the Budget cuts several key mining-related funding programs
“These cuts will negatively impact mining communities, and hinder the development of further long-term regional economic opportunities.”
According to Galilee, mining royalties are forecasted to deliver $13.2 billion to the NSW Government over the next four years, which will include $2.7 billion from higher royalty rates which are set to be introduced from July 1 2024.
“This is the single biggest revenue decision taken by the NSW Government in this budget, confirming the important role mining is playing in repairing the NSW budget position,” Galilee said.
“The billions delivered in royalty revenue are only possible due to the contribution of the hard working people of our regional mining communities.
“Without our mining workers, their families and their communities, there would be no mining, and no royalties.”
