From the NSW Minerals Council
18 December 2018 – Today’s NSW Budget Update confirms the importance of a diverse economy beyond Sydney, with mining royalties continuing to help fill a decline in stamp duty revenue due to a slowing Sydney property market.
As part of the budget update announced by the NSW Treasurer, mineral royalties have been revised up by $227.5 million in 2018-19 and by $455.4 million over the four years to 2021-22.
Mining royalties are now expected to deliver over $7.8 billion in revenue over the next four years.
This $7.8 billion in mining royalties over the next four years 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 1000 schools across NSW.
Similarly, $7.8 billion in mining royalties would pay for almost all of the NSW Government’s $8 billion Budget commitments for better health facilities, including the funding of 40 new and upgraded hospitals across NSW, $700 million for a Mental Health Infrastructure Program and $150 million into research to fight cardiovascular disease.