The government said the National Innovation and Science Agenda would pilot ideas to facilitate business growth, jobs and global success.
METS Ignited, a government funded growth centre for the METS sector, said today's statement supported the METS sector's transition from the mining industry to a broad-based, highly innovative sector offering strong growth prospects for the future.
"The PM'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," METS Ignited chairperson Elizabeth Lewis-Gray said.
"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."
Lewis-Gray said also the statement aligned with, and supported, the strategy of the METS growth centre.
"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. "
The METS growth centre in Brisbane is an industry-led, government-funded initiative which aims to improve productivity in Australia's $90 billion METS sector.
Lewis-Gray said the Australian METS sector was a home-grown, global innovation leader which employed 386,000 highly skilled manufacturing, technology, digital and research people and offered 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," she said.
"The sector already exports $15 billion of goods and services each year but our goal is to double that figure by 2030."
AMIRA International, the resources industry's principal collaborative research and innovation leader, has also welcomed the PM's innovation statement, and is pleased that both major political parties are committed to promoting innovation.
AMIRA managing director Joe Cucuzza said that although not generally recognised, the Australian minerals industry was one of the nation's most innovative sectors.
"The mining industry has developed and applied worldwide, technologies spanning geochemical exploration technology leading to major new discoveries, mineral processing advances which have changed to way minerals are extracted and automation technologies allowing driverless trucks and trains to operate routinely across the industry," he said.