The Turnbull Government released its Defence Export Strategy document on January 29, signalling it will increase funding to and investment in Australian defence companies to dramatically increase their export markets.
A government statement says the new policy will be a ‘positive plan to boost Australian industry, increase investment, and create more jobs for Australian businesses’, adding that ‘a strong, exporting defence industry in Australia will provide greater certainty of investment, support high-end manufacturing jobs and support the capability of the Australian Defence Force.’
New initiatives will include:
- The establishment of a new Australian Defence Export Office which will work with Austrade and the Centre for Defence Industry Capability (CDIC) to coordinate whole-of-government efforts, providing a focal point for defence exports.
- A new Australian Defence Export Advocate to provide advocacy for defence exports and to work across industry and government to ensure efforts are coordinated.
- A $3.8 billion Defence Export Facility administered by Efic, Australia’s export credit agency which will assist Australian companies to get finance to underpin the sales of their equipment overseas.
- Funding of $20 million per year to implement the Defence Export Strategy and support defence industry exports, comprising $6.35 million to develop and implement strategic multi-year export campaigns, $3.2 million to enhance and expand the Global Supply Chain program, and $4.1 million for grants to help build the capability of small and medium enterprises to compete internationally.
The full Defence Export Strategy can be downloaded at here.