A major milestone has been reached on Australia’s journey to become a top ten global defence exporter.
The Australian government department of defence has announced the Defence Export Facility will support the export of sophisticated Australian radar systems and patrol boats.
The major milestone, which helps Australia’s journey to become a top ten global defence exporter, was announced on December 17.
This support for Australian defence industry will help create and support Australian jobs.
A key initiative of the government’s Defence Export Strategy, the Defence Export Facility was established to grow Australia’s defence exports by helping overcome difficulties in accessing private sector finance for exports.
CEA Technologies will use a $90 million loan from the Defence Export Facility to finance the construction of a new manufacturing facility in Canberra to help grow their exports and meet Australian Defence Force demand for their world-class phased array radars.
The expansion of CEA’s facilities is expected to create 200 jobs and further high-tech jobs in its Australian supply chain.
Austal is in negotiations to build two patrol boats for the government of the Republic of Trinidad and Tobago (GORTT).
The export facility loan of up to $80 million will directly support Australian jobs on the program.
Austal is still in contract negotiations with the GORTT but has concluded an interim Schedule Protection Agreement to allow work to commence at Austal’s Henderson, Western Australia centre for excellence in Maritime design to support the sale.
The Austal order shows how the Defence Export Facility is helping Australian exporters sell more of their Australian products to the world, helping drive economic growth and create new Australian jobs.
The Australian government is backing Australian businesses so they can grow and prosper by exporting their expertise to world.
Exports will help strengthen Australia’s defence industry and build the nation’s sovereign defence capability, critical to keeping Australia safe and secure.
The Export Finance and Insurance Corporation will administer loans under the Defence Export Facility.