Australia's METS generating massive value - MCA
PERTH (miningweekly.com) – Australia’s minerals and mining equipment, technology and services (METS) sectors generated A$241.9-billion in value added to the national economy in 2019/20, representing approximately 12.4% of the value of the Australian economy, new analysis by Deloitte Access Economics has shown.
The analysis, which was commissioned by the Minerals Council of Australia (MCA), showed that Australia’s mining and METS sector supported an estimated 1.13-million full-time equivalent (FTE) jobs in Australia, representing approximately 10.8% of total FTE employment.
It directly contributed A$145.3-billion in value added to the Australian economy and also directly supported 483 499 FTE jobs in Australia.
It also outlaid approximately A$110-billion in intermediate expenditures, generating an indirect economic contribution to the national economy of A$96.6-billion in value added, the analysis showed.
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,” said MCA CEO Tania Constable.
“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.”
Constable said that 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.
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