Industry 4.0 technologies to add $74bn to economy by 2030

The adoption of new technologies in the mining, oil and gas industries has the potential to provide a $74 billion boost to the Australian economy by 2030 and create more than 80,000 new local jobs, according to a new report.

Federal industry, science and technology minister Karen Andrews said Australia has one of the most competitive mining, oil and gas industries in the world which will continue to boost our economy as it transforms.

“A vibrant and competitive resources sector is vital to Australia’s economic future and the adoption of Industry 4.0 technologies will be a key driver of industry transformation,” Andrews said.

“The use of analytics and robotics not only provides significant safety and environmental benefits, it is also rapidly increasing job opportunities.

“This kind of technology opens up new, unexplored opportunities for the resources sector and what this report shows is the huge economic opportunity if new technology is embraced.”

“The new jobs will be created across the country, including many in the regional areas where mining already exists, which will ensure the continued vibrancy of these communities.”

The ‘Staying Ahead of the Game Report’ has been produced by METS Ignited and NERA, two of the six Industry Growth Centres established by the the federal government to drive innovation, productivity and competitiveness.

A $2 million Future Technology Project Fund has been made available through NERA for projects that accelerate the commercialisation of science and technology, improve the uptake of innovative digital technologies, and encourage future investment, productivity and global trade, in the oil, gas and energy sector.