Australia's Queensland Government has revealed plans to invest A$2.7m ($1.97m) in the state's mining equipment, technology and services (METS) sector. 

Queensland Minister for State Development and Minister for Natural Resources and Mines Dr Anthony Lynham noted that the funding would assist six key actions to be executed in collaboration with METS Ignited.

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Located at QUT Gardens Point, METS Ignited is an independent Australian Industry Growth Centre.

Dr Lynham said: “All of the actions are being piloted in Queensland or offer significant benefits to the state, such as enhancing METS sector clustering in Mackay to encourage local industry collaboration and piloting an industry accelerator in Brisbane.

“Finding new ways to take innovative ideas to market quickly is key to ensuring Queensland’s world-class METS sector can grow and remain sustainable and competitive over the long-term, both at home and abroad.

“Increasing collaboration between miners, METS companies and researchers is vital to improving our rate and speed of converting great ideas into dollars.

"The METS sector contributes $15.3bn to the state’s gross revenue and has huge potential for further domestic growth and even greater expansion overseas."

“The METS sector contributes A$21bn ($15.3bn) to the state’s gross revenue and has huge potential for further domestic growth and even greater expansion overseas.”

The key actions that will be implemented include piloting a technology accelerator in Brisbane to facilitate the commercialisation of new technologies that would boost investment, identifying energy and resources testing facilities and plans to increase METS industry collaboration between Mackay companies.

It also emphasises in creating business opportunities and developing managerial skills in METS companies.

Funding will also assist in developing baseline data that measures the amount of collaboration occurring within the METS sector.

Dr Lynham also stated that the Queensland Government is developing a roadmap and action plan for the METS sector scheduled to get released this year.

The roadmap is expected to incorporate additional actions that would help the METS companies of the state to achieve further business growth.