NSW Updated Royalties In September 2023, the NSW government announced plans to modernise its royalty scheme. This is a very late follow up from Queensland’s updated royalty scheme from the September quarter of 2022. The NSW royalty rates will be updated from July 2024 (the start of the new financial year), with an increase of 2.6% on the taxes for all mine types. The government projects the increase will return more than A$2.7bn to state coffers within four years of being implemented.     Mining companies with major stakes in NSW thermal coal mines, including BHP, Glencore, and Whitehaven Coal say the decision has affected confidence in the industry, discouraging new growth and placing a burden on those already established.