NSW budget supports industry future
The NSW 2025 state budget has been delivered and includes important initiatives to support the growth of the state’s resource industry.
Amongst the initiatives, $17.7m was allocated towards the new Investment Delivery Authority (IDA) which is expected to assist around 30 large projects, bringing forwards more than $50b of investment annually.
Association of Mining and Exploration (AMEC) chief executive Warren Pearce says the mineral exploration and mining industry looks forward to receiving further information about the IDA initiative.
“The IDA has the potential to build investment confidence and attract international capital,” he said.
“Combined with the announcement of a Global Investment Summit later this year, there are strong synergies to promote NSW as a destination for investment.”
The budget also includes a royalty deferral, announced last year, of up to $250m for eligible critical minerals projects located in NSW. The deferral of royalties over five years forms part of the NSW Critical Mineral and High-Tech Metals strategy.
“The royalty deferral for critical minerals demonstrates an acute awareness for the strong headwinds and international tensions hitting many mineral commodities,” Mr Pearce said.
The budget also included a promising new initiative to attract new investment, plan for post-mine land use and undertake skills mapping. The program, named the Future Jobs and Investment Fund, received $100m in funding.
NSW Minerals Council chief executive Stephen Galilee says the sector can deliver billions in additional investment and thousands of jobs for the future — but only with policy settings that support these outcomes.
“Delivery of the $13.2b in future forecast royalty revenue requires a NSW mining sector strong enough to withstand global cyclical challenges,” he said.
“These billions in mining royalties are also 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.”