Mining and METS doing heavy lifting for all Australians

Australia’s world-class minerals and mining equipment, technology and services (METS) sectors are powerhouse contributors to Australia’s ongoing prosperity, according to analysis by Deloitte Access Economics commissioned by the MCA and released today.

Economic Contribution of the Mining and METS sector: Australian estimates found that the sector generated $241.9 billion in value added to the national economy in 2019-20, representing approximately 12.4 per cent of the value of the Australian economy.

Australia’s mining and METS sector supported an estimated 1,131,450 full-time equivalent (FTE) jobs in Australia, representing approximately 10.8 per cent of total FTE employment.

It directly contributed $145.3 billion in value added to the Australian economy and also directly supported 483,499 FTE jobs in Australia.

It also outlaid approximately $110 billion in intermediate expenditures, generating an indirect economic contribution to the national economy of $96.6 billion in value added.

Around 647,950 FTE jobs outside the mining and METS sector were supported through these flow-on linkages.

Australian mining is a global leader in providing the essential elements of modern life while growing the nation’s economy and sustaining regional communities.

The industry is committed to contributing to the sustained growth and prosperity of current and future generations through the integration of economic progress, responsible social development and effective environmental management.

Australia cannot take mining’s contribution to jobs, investment and communities in the future for granted, because when mining is strong, Australia wins.

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.

The report was released during Minerals Week, the MCA’s annual opportunity to engage with decision makers in Canberra. The three-day event provides a high-profile platform for the executive leadership of Australian mining to discuss, debate and develop the policies that create jobs, support investment and sustain the wellbeing of mining communities and the national economy.

/Public Release. This material comes from the originating organization/author(s)and may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.