The latest NSW Minerals Council member expenditure survey has confirmed the critical role mining plays in supporting New South Wales jobs and the state economy.
During the 2023–24 financial year (FY24), over 34,900 full time equivalent jobs were supported, which is the highest number of jobs recorded in the 10-plus years the survey has been conducted.
The amount also represents a 10 per cent increase – or 3400 more jobs – from FY23.
Participating companies were found to have directly injected $22 billion into the NSW economy over FY24.
Over $3.9 billion of the spend went towards wages and salaries, $14.4 billion for goods and services purchased from more than 7000 NSW businesses, and $3.7 billion was paid in royalties and other taxes to the NSW Government.
While the $22 billion spent in FY24 is a slight decrease from the record $23.6 billion delivered in FY23, the amount is nearly double the FY15 figure of $11 billion, demonstrating substantial growth over the past decade.
“The mining sector continues to make a vital contribution to NSW, delivering more jobs than ever, spending $22 billion directly across the state, and supporting more than 7000 NSW businesses,” NSW Minerals Council chief executive officer Stephen Galilee said.
Since FY12, the NSW Minerals Council has engaged an independent economist to survey NSW mining companies to measure their economic contribution to the state through jobs, taxes and money spent with local companies.
The FY24 survey group included 31 participating local mining companies.
An economic analysis of the FY24 survey results found that regional impact of mining expenditure of the participating mining companies was equivalent to:
- 25 per cent of the gross regional product (GRP) of the Hunter region
- 17 per cent of the GRP of the Central West region
- Nine per cent of the GRP of the Illawarra region
- 15 per cent of the GRP of the North West region
- Six per cent of the GRP of the Northern region
- 16 per cent of the GRP of the Far West region.
“These strong GRP results from across the state highlight just how much of regional NSW continues to depend on mining for jobs, investment and economic growth,” Galilee said.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
