Industry Reports
Asia Pacific

Australia Defense and Security Industry Report

October 28, 2022

Australia’s newly elected Labour government has stated its commitment to the Defense spending plan created by the outgoing Liberal government in 2020. Under this plan Australia will see an investment of US$187B in the decade between 2020 and 2030. In the 2022-23 financial year Australia has slated US$33.2B for defense expenditures, a 7.4% increase from financial year 2021-22. 2022-23 marks the 10th year of real growth in defense expenditures and equates to slightly over 2% of Australia’s GDP. Australia’s recent investment in its defense sector has been spurred by its uncertain and relatively unstable geopolitical position in the Indo-Pacific, particularly with regards to the rise of China. There are many opportunities for Virginia companies to provide defense services to Australia. Many of those opportunities will be created by Australia’s investment it its cyber, maritime, and training sectors.

The Defense and Security in Australia report outlines market entry strategy for Virginia businesses looking to sell into the Australian defense market. It also provides an overview of current trends in the market, key government and industry players, and details government and defense sector procurement.