HIGHER thermal coal prices have prompted the New South Wales government to increase its budget forecast for money raised from mining royalties by $50 million to $1.6 billion in 2021-22.
That means mining royalties are forecast to raise nearly $6.4 billion over the next four years, delivering significant ongoing funding for the NSW Generations Fund.
Mining royalties represent a significant proportion of revenue for the fund, which is expected to grow to $90 billion by 2031 and has delivered investment returns of 8.6% since its inception in late 2018.
NSW Minerals Council CEO Stephen Galilee said mining royalties were helping underpin the NSW government’s fiscal strategy and infrastructure program through provision of strong ongoing revenues into the NSW Generations Fund.
“Once again mining royalties are providing an economic boost to the state budget, with royalty revenues now embedded as a critical component of the government’s fiscal strategy,” he said…Full Story