Background
In 1981 the New South Wales Government passed legislation which vested all unmined coal to the crown. The effect of the Coal Acquisition Act 1981 (NSW) was that the government became the owner of all unmined coal in the state. This enabled the government to tax the mining of coal, a situation it was not allowed to do when coal was privately owned.
According to the board’s annual report, the net benefit to the State from the acquisition of private coal is estimated at $10 billion after taking into account compensation payments totalling $682 million.
The board and the New South Wales Coal Compensation Review Tribunal were established in1985 to address concerns by former coal owners through the introduction of the act. Both bodies are the result of recommendations of the Coal Compensation Taskforce Report.
Read more about this topic: New South Wales Coal Compensation Board
Famous quotes containing the word background:
“... every experience in life enriches one’s background and should teach valuable lessons.”
—Mary Barnett Gilson (1877–?)
“They were more than hostile. In the first place, I was a south Georgian and I was looked upon as a fiscal conservative, and the Atlanta newspapers quite erroneously, because they didn’t know anything about me or my background here in Plains, decided that I was also a racial conservative.”
—Jimmy Carter (James Earl Carter, Jr.)
“Silence is the universal refuge, the sequel to all dull discourses and all foolish acts, a balm to our every chagrin, as welcome after satiety as after disappointment; that background which the painter may not daub, be he master or bungler, and which, however awkward a figure we may have made in the foreground, remains ever our inviolable asylum, where no indignity can assail, no personality can disturb us.”
—Henry David Thoreau (1817–1862)