The NSW Government has today launched a bold program to set aside a portion of coal mining royalties to ensure coal mining communities have a strong future for decades to come.
Deputy Premier John Barilaro announced the new fund in Breeza today and said the new Royalties for Rejuvenation fund will see $25 million set aside each year to ensure coal mining communities have the support they need to develop other industries in the long-term.
“Make no mistake, coal mining has a strong future in this state, but to ensure stability for the long haul we are setting aside funds so those coal mining communities, which produce such a valuable resource for our state, can plan what their future looks like,” Mr Barilaro said.
“Today we are announcing a future fund, for future generations and future jobs, to ensure long-term prosperity in regional NSW.
“The NSW Government’s Future of Coal Strategy is a roadmap for the coal industry in NSW, but we understand that mines have a lifespan, and we need to ensure coal mining communities keep quality high-paying jobs in their towns for the next generation and the generation after that.”
NSW Treasurer Dominic Perrottet said the NSW Government recognises that the coal mining industry is the economic backbone of this state and in turn coal mining communities need certainty for their future.
“Hundreds of millions of dollars will be invested in these communities over coming years to ensure jobs and investment in our vital regional areas,” Mr Perrottet said.
“We want to ensure mining towns continue to have highly skilled well-paid jobs in growth industries that will lock in their economic security long into the future, so young people have the opportunity to remain in the town where they grew up.”
This initiative follows the NSW Government’s introduction of the highly successful Resources for Regions program in 2012 which has seen $345 million invested in local mining communities.