Innovation Statement a boon to home grown innovation

7 December 2015

METS Ignited, the industry-led, government-funded Growth Centre for the mining equipment, technology and services (METS) sector, represents a strong, home-grown and vibrant industry - a legacy of the Australian mining industry.

The METS sector has been identified by the government as one of the growth sectors where Australian has a significant competitive advantage.

Today's Innovation Statement supports the METS sector's transition from the mining industry to a broad-based, highly innovative sector offering strong growth prospects for the future.

"The Prime Minister's pledge to invest more than $1 billion in new spending over four years, to foster an innovative, risk-sharing culture in Australia, will contribute significantly towards growing the Australian METS Industry," said METS Ignited Chair, Elizabeth Lewis-Gray.

"The measures outlined in the Prime Minister's priority areas align and strongly support the METS Growth Centre's strategy."

"Australia is a global leader in mining innovation. We have a world class R&D infrastructure, a highly entrepreneurial culture in the mining supply sector, a significant base of mining customers in our domestic economy and strong technical skills and knowledge. Australia already has a strong start up culture in the METS sector with a high proportion of global start-ups located in country," she said.

"The Prime Minister's innovation statement and investment will provide valuable incentives to develop our entrepreneurial culture and skills and provide the start-up sector with capital. It is a winner for our industry which is positioned strategically to grow its global market share significantly over the coming decade. METS Ignited is working with industry to develop the optimum strategy to achieve this," she said.

"In doing so, Australia's mining supply sector will become an even more significant and valuable asset for Australia's economic future and an opportunity for Australian entrepreneurial skills with a strong focus on developing our export potential. This sector is firmly focused on creating jobs and prosperity for Australia's future and is not reliant on future expansion of Australia's mining economy to achieve this."

"Included in METS Ignited's strategy will be a core focus on improving collaboration and commercialisation between researchers, mining, capital and METS sectors. The PM's Innovation Statement is another important platform to support our efforts."

One of five Growth Centres, the METS Growth Centre (METS Ignited), aims to improve productivity of Australia's $A90 billion METS industry.

"The Australian METS sector is a home-grown, global innovation leader, employing 386,000 highly skilled manufacturing, technology, digital and research people and offering high value job and career opportunities for the future. Our vision is to strengthen Australia's global competitive advantage in this very significant, leading edge sector of the Australian economy," said Ms Lewis-Gray.

"The sector already exports $15 billion of goods and services each year but our goal is to double that figure by 2030," she said.