Will we spend billions on a 'beneficial and productive post-mining land use?
The report, whose 13 recommendations the NSW Government has now fully endorsed, followed on from a parliamentary inquiry into beneficial and productive post-mining land use established in May 2024. The inquiry was designed to investigate the merits of multiple successive land uses and the benefits for local communities and the economy.
From the inquiry, the final report released in May this year called for sufficient funding, resources, and innovation to be applied to the state's post-mining landscapes if regions like the Upper Hunter are to survive and prosper in a world without coal mining.
Their recommendations covered everything from legislative changes to establishing an authority to oversee the work and the need to engage collaboratively with all the stakeholders.
It was agreed by most of the participants in the inquiry that it was no longer enough to leave mine sites in a 'safe, stable and non-polluting state'.
Instead, those sites must be seen as community assets that can be used post-mining, such as renewable energy and manufacturing hubs, agricultural and biodiversity lands, tourist destinations, or housing.
Everyone agrees that action needs to be taken now, as 32 of the state's 39 coal mines are expected to close by 2040.
Many communities in NSW, particularly the Upper Hunter, depend on the mining industry for employment and revenue, with more than 25,000 workers in production roles in the coal mining industry alone.
The financial cost of a successful transition does not come cheaply. In Germany, for example, the closure of their coal industry based in the Ruhr Valley cost an estimated $E40 billion ($A70 billion) - a figure way beyond what our governments have so far committed to start our transition.
To lead our transition, the NSW Government has committed $27.3 million over four years to fund the establishment of the Future Jobs and Investment Authority. This includes funding for the operation of the Authority and the Board.
This initiative will be backed by the Future Jobs and Investment Fund, which is proposed to make available $100 million in funding, or $1 billion in funding across the state.
The Future Jobs and Investment Authority will develop a framework for funding infrastructure and post-mining land use planning, skills mapping, feasibility assessments, and training programs. This will be done in concert with the Federal Government's Net Zero Economy Authority.
Muswellbrook mayor Jeff Drayton supported the outcomes of the parliamentary inquiry and welcomed the NSW Government's response.
"The huge amount of work required to be done by local, state and federal governments and industry shouldn't be underestimated," he said.
"Muswellbrook can't just wait for our mines to close for new uses, industries, and jobs to be created in the region. It needs to happen now while the mines are still operating. That's why we are prioritising working with government and BHP on the Pilot Project, where we are identifying land where industry can set up now," mayor Drayton said.
"This is not about letting mines off the hook, it is about creating a future for our community. This is a once-in-a-lifetime opportunity to provide industry, innovation, and manufacturing capability, which will power the nation and create prosperity for future generations. If we can't get it right in Muswellbrook, there's no chance we can get it right elsewhere."
In the Ruhr Valley in 1980, there were 143,000 coal mining jobs, which fell to only 3,371 by 2018. So where did the workers go, and where were the jobs created?
Older workers took generous redundancy packages, others were offered reskilling options and new jobs were created in the service industry. In the region, there was a significant increase in higher education facilities, a growth in tourism and massive public investments supporting economic diversification.
If we are prepared to spend enough and protect enough, we may achieve what the title of the report suggests, a 'Beneficial and Productive Post Mining Land Use' in the Upper Hunter.
The report, whose 13 recommendations the NSW Government has now fully endorsed, followed on from a parliamentary inquiry into beneficial and productive post-mining land use established in May 2024. The inquiry was designed to investigate the merits of multiple successive land uses and the benefits for local communities and the economy.
From the inquiry, the final report released in May this year called for sufficient funding, resources, and innovation to be applied to the state's post-mining landscapes if regions like the Upper Hunter are to survive and prosper in a world without coal mining.
Their recommendations covered everything from legislative changes to establishing an authority to oversee the work and the need to engage collaboratively with all the stakeholders.
It was agreed by most of the participants in the inquiry that it was no longer enough to leave mine sites in a 'safe, stable and non-polluting state'.
Instead, those sites must be seen as community assets that can be used post-mining, such as renewable energy and manufacturing hubs, agricultural and biodiversity lands, tourist destinations, or housing.
Everyone agrees that action needs to be taken now, as 32 of the state's 39 coal mines are expected to close by 2040.
Many communities in NSW, particularly the Upper Hunter, depend on the mining industry for employment and revenue, with more than 25,000 workers in production roles in the coal mining industry alone.
The financial cost of a successful transition does not come cheaply. In Germany, for example, the closure of their coal industry based in the Ruhr Valley cost an estimated $E40 billion ($A70 billion) - a figure way beyond what our governments have so far committed to start our transition.
To lead our transition, the NSW Government has committed $27.3 million over four years to fund the establishment of the Future Jobs and Investment Authority. This includes funding for the operation of the Authority and the Board.
This initiative will be backed by the Future Jobs and Investment Fund, which is proposed to make available $100 million in funding, or $1 billion in funding across the state.
The Future Jobs and Investment Authority will develop a framework for funding infrastructure and post-mining land use planning, skills mapping, feasibility assessments, and training programs. This will be done in concert with the Federal Government's Net Zero Economy Authority.
Muswellbrook mayor Jeff Drayton supported the outcomes of the parliamentary inquiry and welcomed the NSW Government's response.
"The huge amount of work required to be done by local, state and federal governments and industry shouldn't be underestimated," he said.
"Muswellbrook can't just wait for our mines to close for new uses, industries, and jobs to be created in the region. It needs to happen now while the mines are still operating. That's why we are prioritising working with government and BHP on the Pilot Project, where we are identifying land where industry can set up now," mayor Drayton said.
"This is not about letting mines off the hook, it is about creating a future for our community. This is a once-in-a-lifetime opportunity to provide industry, innovation, and manufacturing capability, which will power the nation and create prosperity for future generations. If we can't get it right in Muswellbrook, there's no chance we can get it right elsewhere."
In the Ruhr Valley in 1980, there were 143,000 coal mining jobs, which fell to only 3,371 by 2018. So where did the workers go, and where were the jobs created?
Older workers took generous redundancy packages, others were offered reskilling options and new jobs were created in the service industry. In the region, there was a significant increase in higher education facilities, a growth in tourism and massive public investments supporting economic diversification.
If we are prepared to spend enough and protect enough, we may achieve what the title of the report suggests, a 'Beneficial and Productive Post Mining Land Use' in the Upper Hunter.
The report, whose 13 recommendations the NSW Government has now fully endorsed, followed on from a parliamentary inquiry into beneficial and productive post-mining land use established in May 2024. The inquiry was designed to investigate the merits of multiple successive land uses and the benefits for local communities and the economy.
From the inquiry, the final report released in May this year called for sufficient funding, resources, and innovation to be applied to the state's post-mining landscapes if regions like the Upper Hunter are to survive and prosper in a world without coal mining.
Their recommendations covered everything from legislative changes to establishing an authority to oversee the work and the need to engage collaboratively with all the stakeholders.
It was agreed by most of the participants in the inquiry that it was no longer enough to leave mine sites in a 'safe, stable and non-polluting state'.
Instead, those sites must be seen as community assets that can be used post-mining, such as renewable energy and manufacturing hubs, agricultural and biodiversity lands, tourist destinations, or housing.
Everyone agrees that action needs to be taken now, as 32 of the state's 39 coal mines are expected to close by 2040.
Many communities in NSW, particularly the Upper Hunter, depend on the mining industry for employment and revenue, with more than 25,000 workers in production roles in the coal mining industry alone.
The financial cost of a successful transition does not come cheaply. In Germany, for example, the closure of their coal industry based in the Ruhr Valley cost an estimated $E40 billion ($A70 billion) - a figure way beyond what our governments have so far committed to start our transition.
To lead our transition, the NSW Government has committed $27.3 million over four years to fund the establishment of the Future Jobs and Investment Authority. This includes funding for the operation of the Authority and the Board.
This initiative will be backed by the Future Jobs and Investment Fund, which is proposed to make available $100 million in funding, or $1 billion in funding across the state.
The Future Jobs and Investment Authority will develop a framework for funding infrastructure and post-mining land use planning, skills mapping, feasibility assessments, and training programs. This will be done in concert with the Federal Government's Net Zero Economy Authority.
Muswellbrook mayor Jeff Drayton supported the outcomes of the parliamentary inquiry and welcomed the NSW Government's response.
"The huge amount of work required to be done by local, state and federal governments and industry shouldn't be underestimated," he said.
"Muswellbrook can't just wait for our mines to close for new uses, industries, and jobs to be created in the region. It needs to happen now while the mines are still operating. That's why we are prioritising working with government and BHP on the Pilot Project, where we are identifying land where industry can set up now," mayor Drayton said.
"This is not about letting mines off the hook, it is about creating a future for our community. This is a once-in-a-lifetime opportunity to provide industry, innovation, and manufacturing capability, which will power the nation and create prosperity for future generations. If we can't get it right in Muswellbrook, there's no chance we can get it right elsewhere."
In the Ruhr Valley in 1980, there were 143,000 coal mining jobs, which fell to only 3,371 by 2018. So where did the workers go, and where were the jobs created?
Older workers took generous redundancy packages, others were offered reskilling options and new jobs were created in the service industry. In the region, there was a significant increase in higher education facilities, a growth in tourism and massive public investments supporting economic diversification.
If we are prepared to spend enough and protect enough, we may achieve what the title of the report suggests, a 'Beneficial and Productive Post Mining Land Use' in the Upper Hunter.
The report, whose 13 recommendations the NSW Government has now fully endorsed, followed on from a parliamentary inquiry into beneficial and productive post-mining land use established in May 2024. The inquiry was designed to investigate the merits of multiple successive land uses and the benefits for local communities and the economy.
From the inquiry, the final report released in May this year called for sufficient funding, resources, and innovation to be applied to the state's post-mining landscapes if regions like the Upper Hunter are to survive and prosper in a world without coal mining.
Their recommendations covered everything from legislative changes to establishing an authority to oversee the work and the need to engage collaboratively with all the stakeholders.
It was agreed by most of the participants in the inquiry that it was no longer enough to leave mine sites in a 'safe, stable and non-polluting state'.
Instead, those sites must be seen as community assets that can be used post-mining, such as renewable energy and manufacturing hubs, agricultural and biodiversity lands, tourist destinations, or housing.
Everyone agrees that action needs to be taken now, as 32 of the state's 39 coal mines are expected to close by 2040.
Many communities in NSW, particularly the Upper Hunter, depend on the mining industry for employment and revenue, with more than 25,000 workers in production roles in the coal mining industry alone.
The financial cost of a successful transition does not come cheaply. In Germany, for example, the closure of their coal industry based in the Ruhr Valley cost an estimated $E40 billion ($A70 billion) - a figure way beyond what our governments have so far committed to start our transition.
To lead our transition, the NSW Government has committed $27.3 million over four years to fund the establishment of the Future Jobs and Investment Authority. This includes funding for the operation of the Authority and the Board.
This initiative will be backed by the Future Jobs and Investment Fund, which is proposed to make available $100 million in funding, or $1 billion in funding across the state.
The Future Jobs and Investment Authority will develop a framework for funding infrastructure and post-mining land use planning, skills mapping, feasibility assessments, and training programs. This will be done in concert with the Federal Government's Net Zero Economy Authority.
Muswellbrook mayor Jeff Drayton supported the outcomes of the parliamentary inquiry and welcomed the NSW Government's response.
"The huge amount of work required to be done by local, state and federal governments and industry shouldn't be underestimated," he said.
"Muswellbrook can't just wait for our mines to close for new uses, industries, and jobs to be created in the region. It needs to happen now while the mines are still operating. That's why we are prioritising working with government and BHP on the Pilot Project, where we are identifying land where industry can set up now," mayor Drayton said.
"This is not about letting mines off the hook, it is about creating a future for our community. This is a once-in-a-lifetime opportunity to provide industry, innovation, and manufacturing capability, which will power the nation and create prosperity for future generations. If we can't get it right in Muswellbrook, there's no chance we can get it right elsewhere."
In the Ruhr Valley in 1980, there were 143,000 coal mining jobs, which fell to only 3,371 by 2018. So where did the workers go, and where were the jobs created?
Older workers took generous redundancy packages, others were offered reskilling options and new jobs were created in the service industry. In the region, there was a significant increase in higher education facilities, a growth in tourism and massive public investments supporting economic diversification.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
12-08-2025
- ABC News
Where will interest rates go from here? The RBA's latest economic forecasts give strong hints
Alongside today's decision to cut the cash rate by 0.25 of a percentage point to 3.6 per cent, the Reserve Bank released its latest insights into the economic, and therefore interest rate, outlook. Called the Statement on Monetary Policy (SMP), it is the key RBA staff-produced document that the Monetary Policy Board members read before they make their rates decision (every second meeting, anyway), and the media get their chance to look at it in a lock-up ahead of the rates announcement. A key thing to look out for is how the bank's inflation forecasts match up with the outlook for the cash rate. It is not an RBA forecast, but taken from financial market pricing. Tellingly, even though market expectations shifted towards lower interest rates since the RBA's last set of economic forecasts in May, the RBA's outlook for inflation remains unchanged. The market is pricing in a low for the cash rate of 2.9 per cent by December 2026, while the RBA's preferred trimmed mean measure of inflation is expected to remain at 2.6 per cent for the next two years before falling to 2.5 per cent by December 2027, the mid-point of its 2-3 per cent target. By then, traders have priced in the start of another rate rise cycle, with a cash rate of 3.1 per cent. The takeaway from this — if the RBA's forecasts are correct — is that the economy can live with a cash rate around 3 per cent and inflation will remain tame at that level. Or, as the bank puts it: "In this statement's baseline forecast, which is conditioned on the current market path for the cash rate, activity and the labour market are projected to move into balance, keeping inflation sustainably around the mid-point of the target range." That's not to say anyone should expect large rate cuts, unless something goes badly astray in the global economy (which the RBA acknowledges remains a very real risk). "Aggregate demand continued to exceed the capacity of the economy to supply goods and services sustainably," the RBA warns, adding, "Some tightness remains relative to full employment." That's economist code for rates still need to be somewhat "restrictive" to slow the economy down, where restrictive means not very far below current levels. There's another shadow in this economic picture painted by the RBA. While rates are expected to be able to gradually keep falling a bit further, it takes a downgrade in the RBA's average earnings, household consumption and economic growth forecasts for inflation to remain in check at the same time. Why? Here's that word again — productivity. The RBA has significantly lowered its forecast for future productivity growth, from around 1 per cent per annum to just 0.7 per cent. It's signalled that this is mainly a change to match the existing reality. The RBA believes most businesses and households have intuitively already adjusted to this reality by investing and spending less, respectively. "Real household incomes increased by 1.7 per cent over the year to the March quarter on a per capita basis; the household sector has largely used this higher income to increase saving," the SMP notes. The RBA does not expect that kind of real income growth to be repeated, with downgrades to its forecasts for growth in average earnings per hour roughly matching the downgrades to productivity. In other words, workers will pay most of the price for the inability of the Australian economy to do better at producing more output with less labour time and materials. This weak real income growth, combined with large household debts for many, is, somewhat perversely, one of the key factors allowing interest rates to fall. "Downward pressure on some firms' margins may still be weighing on inflation at present, with some firms reporting in liaison that weak demand has limited their ability to pass increases in input costs to final prices," the RBA observes. However, another challenge reported by many Australian businesses may offer a hint as to one of the less-discussed potential drags on productivity. "Many firms also flagged the ongoing fast pace of growth in software prices as a challenge to fully capturing productivity gains from new technology investments," the SMP notes. To put it another way, are US tech giants siphoning off our productivity gains via their profits? Perhaps that explains why the US is seeing such outsized reported productivity growth while most of the rest of the world is struggling, like Australia. Maybe we need a way of capturing some of that. A digital services tariff on the US, perhaps?
West Australian
12-08-2025
- West Australian
Struggling mortgage holders set for much-needed relief as RBA cuts cash rate
Cash-strapped mortgage holders have received a welcome boost after the Reserve Bank of Australia cut the official cash rate to a two-and-a-half year low. After its August meeting, the RBA has slashed interest rates by 25 basis points, bringing the rate down to 3.60 per cent from 3.85 per cent. Tuesday's interest rate decision by the RBA board was unanimous and in line with previous comments from the RBA where the central bank confirmed rate cuts were just about timing. Tuesday's interest rate cut is the third of the cycle after rate cuts in February and May but follows the bank's shock decision to keep it on hold in July. In its statement the RBA said the board remains cautious to developments both domestic and overseas and called today's 25 basis point cut 'appropriate.' 'With underlying inflation continuing to decline back towards the midpoint of the 2–3 per cent range and labour market conditions easing slightly, as expected, the Board judged that a further easing of monetary policy was appropriate,' the board wrote in a statement. 'This takes the decline in the cash rate since the beginning of the year to 75 basis points.' Oxford Economics Australia head of macroeconomic forecasting Sean Langcake said falling inflation and rising unemployment throughout July 'paved the way' for an August rate cut. 'The RBA showed an abundance of caution in keeping rates on hold in July,' he said prior to Tuesday's announcement. 'Since then, we've seen more evidence that the labour market is softening. 'Moreover, the Q2 CPI did not contain any red flags around core inflation pressures.' Australia's Cash Rate 2022 BDO economics partner Anders Magnusson said while Tuesday's cut will help borrowers, it won't solve every cost-of-living challenge. 'While it would provide much-needed breathing room for households carrying large mortgages, those looking to buy are likely to face higher house prices as borrowers gain buying power,' he said. 'Mortgage stress is now at its highest level since January, affecting more than one-quarter of borrowers.' Mr Magnusson said with inflation under control he forecasts at least one more rate cut by the end of the year. According to Finder, a homeowner with a $500,000 mortgage is set to save $2884 per year if lenders pass the rate cut on in full, while those owing $1m are tipped to save $5768 a year. Tuesday's announcement comes in line with market expectations, with 92 per cent of experts saying the RBA would slash interest rates. The move comes on the back of quarterly consumer price data at a low 2.1 per cent, the bottom of the RBA's 2 to 3 per cent target range, and a trimmed mean inflation rate, which strips out volatile items such as fuel, at 2.7 per cent. Australia's unemployment rate also came in higher, up from 4.1 to 4.3 per cent. Canstar data insights director Sally Tindall said Tuesday's rate cut meant Australians should be paying less than 5.50 per cent on their mortgages. 'In fact, if the majority of banks pass the cut on in full, which they should absolutely do, then there should be over 30 lenders offering at least one variable rate under 5.25 per cent,' she said. More to come
News.com.au
12-08-2025
- News.com.au
Struggling mortgage holders set for much-needed relief as RBA cuts cash rate
Cash-strapped mortgage holders have received a welcome boost after the Reserve Bank of Australia cut the official cash rate to a two-and-a-half year low. After its August meeting, the RBA has slashed interest rates by 25 basis points, bringing the rate down to 3.60 per cent from 3.85 per cent. Tuesday's interest rate decision by the RBA board was unanimous and in line with previous comments from the RBA where the central bank confirmed rate cuts were just about timing. Tuesday's interest rate cut is the third of the cycle after rate cuts in February and May but follows the bank's shock decision to keep it on hold in July. In its statement the RBA said the board remains cautious to developments both domestic and overseas and called today's 25 basis point cut 'appropriate.' 'With underlying inflation continuing to decline back towards the midpoint of the 2–3 per cent range and labour market conditions easing slightly, as expected, the Board judged that a further easing of monetary policy was appropriate,' the board wrote in a statement. 'This takes the decline in the cash rate since the beginning of the year to 75 basis points.' KPMG chief economist Brendan Rynne called today's rate cut 'better late than never.' 'Today's 0.25 per cent rate cut is a step in the right direction, but the question is whether it will be enough to turnaround the anaemic consumption and investment environment currently facing Australian households and businesses which is dragging down Australia's economic growth potential,' he asked. 'The simple answer is 'probably not. 'Core and headline inflation remain within the target band and appear stable, however while the international environment continues to hit by tariffs, consumer and business confidence remains low. Households and investors need ongoing rate relief to spur spending.' BDO economics partner Anders Magnusson said while Tuesday's cut will help borrowers, it won't solve every cost-of-living challenge. 'While it would provide much-needed breathing room for households carrying large mortgages, those looking to buy are likely to face higher house prices as borrowers gain buying power,' he said. 'Mortgage stress is now at its highest level since January, affecting more than one-quarter of borrowers.' Mr Magnusson said with inflation under control he forecasts at least one more rate cut by the end of the year. According to Finder, a homeowner with a $500,000 mortgage is set to save $2884 per year if lenders pass the rate cut on in full, while those owing $1m are tipped to save $5768 a year. Tuesday's announcement comes in line with market expectations, with 92 per cent of experts saying the RBA would slash interest rates. The move comes on the back of quarterly consumer price data at a low 2.1 per cent, the bottom of the RBA's 2 to 3 per cent target range, and a trimmed mean inflation rate, which strips out volatile items such as fuel, at 2.7 per cent. Australia's unemployment rate also came in higher, up from 4.1 to 4.3 per cent. Canstar data insights director Sally Tindall said Tuesday's rate cut meant Australians should be paying less than 5.50 per cent on their mortgages. 'In fact, if the majority of banks pass the cut on in full, which they should absolutely do, then there should be over 30 lenders offering at least one variable rate under 5.25 per cent,' she said.
