Record mining royalties have helped fill a decline in stamp duty revenue due to a slowing Sydney property market, the NSW Minerals Council has pointed out in response to the recent state budget.
NSW Minerals Council chief executive Stephen Galilee said the budget figures were a clear indication of the importance of the state’s diverse economy outside of Sydney.
“Royalties from the mining sector have been revised up by $813 million, and will deliver a record $1.8 billion in this year alone, and another record $2 billion next year to help fund improved services across the state,” Galilee said.
The state budget, announced on June 19, includes an $87.2 billion infrastructure spending program. Figures detailed in the budget papers identify a forecast $7.4 billion contribution over the next four years from mining royalties.
“This $7.4 billion in mining royalties would pay for the bulk of the NSW Government’s key budget commitments on education, including the $6 billion commitment to fund 170 new and upgraded schools and the $500 million plan to deliver air-conditioning in 1,000 schools across NSW.
“Similarly, $7.4 billion in mining royalties would pay for almost all of the NSW Government’s $8 billion budget commitments for better health facilities,” he added.