NSW Deputy Premier Paul Toole refuses to say how much revenue the state will lose from the mining royalty rate freeze but says he's 'confident' the announcement will not affect the budget.
abc.net.au/news/nsw-mining-royalties-frozen-coal-companies-navigate-price-cap/101938894The NSW government has offered an olive branch to the state's mining sector by announcing a freeze on mining royalty rates.
Last financial year NSW mines generated more than $3.5 billion in royalties and were forecast to tip $5 billion at the end of June this year. While Mr Toole refused to give a figure on how much revenue NSW would lose from the freeze, he said he was "confident" the state's budget would not be impacted.
Export coal is currently selling for $460 per tonne but under the cap, will sell for $125 on the domestic market.'Double-whammy' impact eased
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