9 March 2016
Mining’s Economic Contribution to New England and Northern NSW Grows
Mining has increased its contribution to the economic strength of the New England and Northern region of NSW, according to the NSW Minerals Council’s latest Expenditure Survey for the 2014/15 financial year.
“This survey, now completed for a fourth year, demonstrates the scale of mining’s growing contribution to the New England region and the increasing importance of mining to communities like Gunnedah and Tamworth,” NSW Minerals Council CEO, Stephen Galilee said today.
The survey has found that the 23 participating mining companies directly injected $221 million into the region’s economy including Tamworth and Gunnedah in 2014/15, up from $213 million the previous year.
Overall, this $221m in direct spending in 2014-15 included $100 million in wages and salaries paid to 780 full-time employees, an increase of nearly 90 jobs and $12 million in wages on the
472 local businesses supplied the region’s mining industry in 2014/15, down slightly from 505 the previous year. However, total local spending was up slightly to $120 million, including local
purchases of goods and services by mining companies, along with community contributions and payments to local councils in the region.
In Tamworth, mining companies in 2014/15 directly spent $27.8 million, including $14 million in wages and salaries and $13.8 million on purchases with 124 local businesses.
Mining companies directly injected $126 million into Gunnedah’s economy in 2014/15. This included $56 million in wages and salaries, to 414 full-time employees. This represents an increase of 70 jobs and $16 million in wages for Gunnedah from the previous year.
“More local jobs and more local spending means that mining is an increasingly important industry for the region’s economy, contributing 4.2% of Gross Regional Product (GRP) for the region, up from 3.6% the previous year,” Mr Galilee said.
The survey has found that the 23 participating mining companies directly injected $50 million into the Narrabri Local Government Area (LGA), made up of $20 million in wages to 153
full- time employees and $30 million in purchases with 106 local businesses.
“Despite the tough times currently being experienced in mining, our sector continues to be an important pillar of the local economy in Narrabri, contributing 11% of the the Gross Regional
Product (GRP) of Narrabri,” Mr Galilee said.
Source: NSW Minerals CouncilBack to News