Lockheed Martin Australia has delivered a A$1.06 billion boost to the national economy in 2024, strengthening sovereign defence capability and supporting nearly 5,000 jobs across the country, according to a new report by Deloitte Access Economics.
The Economic Impact Report confirms the company’s growing footprint across every mainland state and territory, driving capability in air, land, maritime and space domains. Since 2022, Lockheed Martin Australia’s contribution to GDP has increased by 82 per cent, underpinned by a strong supplier network and regional growth.
The report highlights that direct activities added A$463 million to GDP in 2024 – up 84 per cent since 2022 – with an additional A$596 million generated through its Australian-based suppliers. More than 600 local suppliers were engaged last year, 75 per cent of them small and medium-sized enterprises (SMEs), capturing nearly A$257 million in expenditure.
A survey of major suppliers found the partnerships were delivering tangible benefits: 94 per cent reported workforce growth, 71 per cent recorded increased revenue, and 65 per cent established new business collaborations.
Across its workforce, Lockheed Martin Australia supported 4,919 full-time equivalent jobs, representing 44 per cent growth since 2022. Veterans now make up a quarter of its workforce, including active Reservists.
In capability areas, Air Superiority programs – covering the Black Hawk and Seahawk helicopters, C-130J and F-35 aircraft – generated the largest economic contribution at A$356 million and supported 1,959 jobs. Maritime and Mission Systems, including work on the Aegis Combat System and AIR6500 Phase 1, delivered A$221 million in value added and 785 direct jobs.
The company is also investing heavily in regional training and education, with initiatives such as an apprenticeship program in Nowra supporting sustainment of the Royal Australian Navy’s MH-60R Seahawk fleet, and partnerships with universities delivering micro-credential programs in combat systems engineering.
“Contributing over A$1 billion to the Australian economy is a significant milestone for Lockheed Martin Australia and reflects the strength of our partnerships across industry, defence, and the community,” said Warren McDonald, chief executive of Lockheed Martin Australia and New Zealand. “Our work is helping build sovereign capability and drive economic growth.”
Looking ahead, the company will continue to support the Australian Defence Force through its role in integrated air and missile defence, guided weapons programs, and space-based capabilities aligned with the National Defence Strategy.
