Whopping value METS sector contributes nation’s prosperity
Australia’s mining equipment, technology and services sectors are major contributors to the nation’s prosperity and directly contributed $145.3 billion to the economy in 2019-2020, a new report has revealed.
Deloitte Access Economics released the findings in its new analysis commissioned by the Minerals Council of Australia.
“Economic Contribution of the Mining and METS sector: Australian estimates” found the METS sector generated $241.9 billion in value added to the national economy in 2019-20.
This represented about 12.4 per cent of the value of the Australian economy.
Australia’s mining and METS sector underpinned an estimated 1,131,450 full-time equivalent jobs in Australia, or about 10.8 per cent of total full-time equivalent employment, the analysis stated.
The report went on to state it directly delivered $145.3 billion in value added to the Australian economy and also supported 483,499 full-time equivalent jobs in Australia.
The sector splashed $110 billion in intermediate expenditures, which generated an indirect economic contribution to the national economy of $96.6 billion in value added.
In a statement, the Minerals Council of Australia said the analysis showed Australia could not afford to take mining’s contribution to the economy and communities for granted.
“Urgent reforms are needed to deliver internationally competitive tax and royalty rates, faster project approvals and more efficient regulation to attract more job-creating investment in Australia’s mining industry,” it said.