The coal, metalliferous and extractive industry sectors, as well as the oil and gas and exploration industries in NSW all contribute to the Mine and Petroleum Site Safety Fund.
The Mine and Petroleum Site Safety Fund was established by the Mine and Petroleum Safety (Cost Recovery) Act 2005.
Its purpose is to provide for NSW mine safety regulation and enforcement activities by the relevant NSW government department. NSW workers compensation insurers contribute through the Fund to those activities. These contributions are collected in conjunction with the premiums paid by employers operating in the mining industry.
Each year, the relevant government department determines the amount of money to be collected from the NSW coal mining industry for its contribution to the Mine and Petroleum Site Safety Fund.
Coal Mines Insurance collects the Mine and Petroleum Site Safety Fund contribution in conjunction with your premiums paid throughout the year. The amounts due are adjusted upon receipt of actual wages for the policy period. The contribution paid is then forwarded to the relevant government department.
The Mine and Petroleum Site Safety Fund rate for 2023-24 is set at 0.65%.