Purchase of Australian-made Industry 4.0 technology could add $74 billion to Australian economy

The purchase of Australian-made Industry 4.0 technologies and devices by the mining, oil, and gas industries could add $74 billion to the Australian economy and 80,000 new jobs by 2030, a new report has outlined.

The report was produced by Mining equipment, technology and services (METS) Ignited and National Energy Resources Australia (NERA), and notes that a strong domestic supply chain would support $27b more in benefits than a weak domestic supply chain.

The uptake of Industry 4.0 by the resources sector has the potential to drive industry transformation, said Minister for Industry, Science and Technology, Karen Andrews.

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

One examples of where Industry 4.0 tech could be used in the mining sector is autonomous trucks, and an integrated, automated iron ore mine could be 60 per cent more productive than an equivalent mine today.

Part of the successful adoption of Industry 4.0 and its benefit to the wider economy is through the end user – the mining sector – utilising a developed local supply chain for autonomous technologies. The report highlights that a strong domestic supply chain would deliver $65 billion in benefits by 2030 while generating new jobs in the supply chain. The report outlines that that domestic suppliers of automation products can adapt to the evolving needs of the mining sector to see the flow-on benefits of automation in the mining sector.

“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,” said Andrews.