Australia’s ongoing resources boom has seen an explosion in the growth of the Mining Equipment, Technology and Services (METS) sector, according to a new report released by the Minerals Council of Australia.

According to the report prepared by Professor Don Scott-Kemmis from the University of Technology Sydney, the METS sector is now valued at over $71 billion a year.

With sales exceeding $71 billion in 2012 and total employment estimated at around 265,000 people, the rise of the METS sector has multiplied and diversified the benefits Australia derives from its natural resource endowment. Export revenues from the sector substantially exceed those of the wine industry and, on some measures, the automotive industry,” Professor Scott-Kemmis says.

“METS sector exports exceed $12 billion and offshore sales (including exports and offshore business) make up over a third of the METS sector’s income, making it one of the most internationalised Australian sectors.”

The report concluded that the exponential growth of the home-grown METS sector has seen benefits spread beyond the mining sector and well into the broader Australian manufacturing report.

Many of Australia’s thriving METS companies are based in our larger cities and towns; creating thousands of jobs in manufacturing and service industries. METS companies are also providing a significant boost to Government revenues outside the direct and significant taxation contribution from commodity exporters.

“Surveys indicate that Australia’s METS sector has grown roughly five-fold over the past 15 years so that today there are well over 270 firms, many leaders in their niche. Driven by the expansion of mining investment and production both within and outside Australia, the sector has achieved a remarkable level of internationalisation, with the majority of firms having offshore offices or subsidiaries,” Professor Scott-Kemmis says.

The full report can be found here