Australia’s defence industry continues to enjoy considerable success overseas. Analysis of Australia’s defence industrial base suggests that Australia’s defence industry is currently achieving in the order of $1.5 billion - $2.5 billion in defence exports a year. The Government intends to build on the success of initiatives such the Global Supply Chain program and Team Defence Australia initiative to assist competitive Australian companies to achieve greater export success.
Global defence expenditure has experienced a gradual recovery since 2014 and annual growth in spending is expected to be sustained at rates of around 2 per cent between 2017 and 2026. North America continues to dominate the global defence market. However, robust growth in the Asia-Pacific and Middle East regions over the past decade saw their share of global defence spending increase significantly.
The pursuit of export opportunities is ultimately a commercial decision. Whilst assistance will not be limited to these markets, the Strategy identifies a number of priority markets: