NSW Treasurer Daniel Mookhey has ruled out lifting the state’s mining royalty rates to ease an $80 billion debt problem in his first economic update, arguing that any increase in royalties could have a knock-on effect on power prices.
In contrast to Queensland, which has slapped coal miners with royalty rates of up to 40 per cent a tonne and ridden a commodities boom to deliver a $12 billion surplus – the highest in any state’s history – the Minns government will tackle the state’s net debt of $80 billion by reining in spending.
Finally, something sensible from the NSW Gov.
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