The movie, starring Chris Hemsworth, is set to be the biggest to be made in NSW. Some scenes will be shot in Broken Hill where rain thwarted plans to film the last Mad Max film.
The blockbuster will create 850 local jobs and inject $350 million into the NSW economy
NSW Treasurer Dom Perrottet said Furiosa was being partly paid for by the "Made in NSW" fund, which was worth $175 million per film over five years.
"The reality is, if you want to make a movie in Australia, you don't want to make it in Queensland, you want to make it in NSW," Mr Perrottet said.
"We are by far the most generous when it come to film investment."
Mr Mitchell concurred and said no other state could match the sum.