The NSW Minerals Council has claimed that the minerals industry is playing a significant part in bolstering the NSW state economy.

 

Quoting figures from the Australian Bureau of Statistics, the Council said that the number of people directly employed in mining had grown by 107% over the past four years from 22,041 to 45,708.

 

New data from the Illawarra Regional Information Service confirms employment in the region’s mines is at a 20-year high, and according to the Hunter Valley Research Foundation unemployment in the Upper Hunter is a low 2.8%, significantly lower than the state-wide unemployment rate of 5.6%.

 

NSW Minerals Council CEO Stephen Galilee said that the NSW minerals industry provides an opportunity to keep the NSW economy buoyant as the state braces for an uncertain year ahead.

 

“Job losses announced this week and warnings from the NSW Treasurer about a contraction of the financial sector are concerning as the problems in Europe continue to cast a shadow over our economy,” he said.

 

“But the strong growth in mining jobs shows a way to help protect our State from future economic difficulties.

 

“In the Hunter, the Illawarra, and the State’s Central West, mining is delivering strong economic activity outside of Sydney that can help to counter the difficulties being faced in other sectors.

 

“And given every direct mining job generates at least three additional indirect jobs, it is clear that growth in mining can deliver right across the economy at a time when other sectors are shedding jobs.

 

“The mining industry is making 20 and 30 year investments in infrastructure and economically sustainable jobs that create a positive flow-on effect into the rest of the economy. The new projects and infrastructure being planned will contribute to strong state growth through jobs and billions of dollars in investment.

 

“Our industry can be a stabilising influence on the NSW economy and generate terrific returns for the people of NSW through successive rounds of business activity and royalty payments to the NSW Government - tipped to total $8.5 billion over the next four years.”

 

“Mining in NSW accounts for 2.5% of Gross State Product and has the potential to make an even greater contribution to the economy and NSW Budget – but only under the right policy settings.

 

“While growth in the NSW mining sector can help insulate our State from the impact of global economic uncertainty, the carbon tax looms large. The Federal Government needs to reconsider its carbon tax, especially at a time when there is so much economic uncertainty.