Confidence appears to be rising among Australian companies working in the defence industry, with new figures released by Defence Export Controls (DEC) revealing a boost in defence export applications.
The DEC’s numbers show that the number of defence and dual-use export permit applications received in the last quarter of 2017–18 were 25 per cent higher than the during the same period the previous year.
Federal defence industry minister Christopher Pyne said that, since the January 2018 launch of the government’s Defence Export Strategy, the earning potential of defence and dual-use exports had risen to over $1 billion.
“I have repeatedly said that defence industry plays a critical role in delivering both defence capability, and in creating jobs and economic growth,” Pyne said.
The Strategy plans, guides and measures the defence industry’s export outcomes, and provides $20 million in additional annual funding for industry support.
Pyne said the growth reflected in the DEC’s figures indicated that there were increasing opportunities for Australian companies to gain access to foreign defence markets and expand beyond domestic Australian Defence Force contracts.
“It is pleasing to see strong growth in the number of small and medium-sized defence companies as well as primes across Australia competing to win overseas military contracts,” he said.
“Increased exports lead to the creation of more local jobs while giving businesses greater security as the peaks and troughs often experienced by Australia’s defence industry are able to be flattened out. It also ensures our capability remains world class.”