METS Ignited has welcomed a report by Deloitte Access Economics on the significant contribution made to the Australian economy in 2015-16 by the mining equipment, technology and services (METS), and mining sector. Together, the total contribution by the sector was $236.8 billion, or 15% of the country’s gross domestic product.
METS Ignited CEO Ric Gros said the report revealed the economic footprint of the sector and showcased the innovative thinking of the industry through a series of case studies.
“We are delighted to be recognised alongside the mining sector for our contributions to the Australian economy and community,” Ric Gros said.
“The report found mining and METS activities support more than 1.1 million jobs, many of them in the Pilbara, Bowen-Surat and Hunter regions. And it states that innovation is an integral part of this global and highly competitive sector.
“These messages form part of the existing narrative around our industry - METS companies provide world-class products and services that are shaping the mines of the future,” he said.
Overall, Deloitte Access Economics estimates that the direct economic contribution of mining and METS activities was $133.2 billion in value added in 2015-16, with 484,114 full-time equivalent (FTE) jobs directly supported by the sector. This figure represents the ‘economic footprint’ attributable directly to the mining and METS sector in the Australian economy.
In addition to this direct economic contribution, the mining and METS sector depends on outputs from other industries in the Australian economy, such as petroleum, electricity and manufacturing, as inputs to production. This indirectly generates economic activity by facilitating production and paying wages and profits in these other industries. This indirect economic contribution added a further $103.6 billion in 2015-16, supporting another 655,654 FTE jobs.