SURGE IN DEFENCE EXPORT APPLICATIONS

SURGE IN DEFENCE EXPORT APPLICATIONS There has been a boost in the confidence for Australian businesses to reach for opportunities in foreign defence markets following the strong commitment and support from the Turnbull Government towards Australia’s defence industry.  Defence Export Controls published new figures showing a 25 per cent surge in the number of defence and dual-use export permit applications received in the last quarter of 2017–18, over the same period last year. Minister for Defence Industry, the Hon Christopher Pyne MP, said the positive growth in defence and dual-use export applications was an indication that Australian companies are embracing opportunities to collaborate with defence forces of Australia’s friends and allies. “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,” Minister Pyne 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. “The growth in the number of applications being received by Defence demonstrates that Australian businesses are grasping export opportunities to extend their potential beyond domestic Australian Defence Force contracts. “The earning potential of defence and dual-use exports since the launch of the Defence Export Strategy in January 2018 was over $1 billion, vindicating our investment in this initiative. “I have repeatedly said that Defence industry plays a critical role in delivering both defence capability, and in creating jobs and economic growth.”  The Government’s Defence Export Strategy released in late January provides industry with comprehensive support to identify and realise export opportunities. All Australian defence exports are subject to approval according to Australia’s rigorous export control regulations.