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
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