This was primarily due to the expectations for higher coal prices in the future, he said.

“Today’s figures show that mining is a key part of New South Wales economy,” Bennison said.

“It is critical the NSW government prioritises getting the policy settings right to encourage the discovery and development of the mines of tomorrow.”

The NSW government’s strong financial management has been recognised by a Triple A credit rating, virtually no debt and four budgeted surpluses.

If NSW wants to maintain its strong financial position in the future speeding up the approvals process would certainly help.

This would encourage “investment, jobs and create the mines of tomorrow,” Bennison said.