Babcock Australasia (Babcock) injected more than three-quarters of a billion dollars into Australia’s economy in FY 2024, driving significant benefits across the communities where it operates while addressing critical defence needs.
Data collated by leading global advisory firm Oxford Economics reveals Babcock generated value beyond its size, producing $758 million in Gross Domestic Product (GDP) through its direct spending, investment in Australian industry and the wider flow on economic effects of this activity. It also supported 4,392 full time equivalent (FTE) jobs over the past financial year. Of Babcock’s total economic impact, more than a third ($283 million) came from its direct activities across 29 sites nationwide.
Particularly compelling is Babcock’s economic footprint in two of the nation’s most critical defence markets – South Australia and Western Australia. In SA, Babcock’s activities contributed an estimated $163 million to GDP and supported 1,041 jobs, whilst its operations in WA stimulated around $253 million in GDP, sustaining 859 FTE jobs.
Babcock’s steadfast commitment to Australia’s Sovereign Defence Industrial Priorities was highly evident across its procurement activities, fostering resilience in domestic supply chains and strengthening the role of small businesses in delivery of critical national projects. It engaged 667 small and medium-sized enterprises (SME) across Australia in FY24 and spent almost half ($92 million) of its procurement expenditure with its SME supply chain.
Also of note is Babcock’s employee productivity, trending 12% higher than the average Australian defence industry employee and 16% higher than the economy-wide average. Babcock’s workforce produces a direct contribution to GDP worth $186,000 per employee and for every 10 full-time equivalent staff members directly employed by Babcock, 29 additional jobs are created. Within its Aviation & Critical Services portfolio, Babcock created $164 million of value-add to the Australian economy.
Babcock Australasia Chief Executive Officer Andrew Cridland said: “We are proud to play an important role in strengthening Australia’s economy while addressing critical defence needs. Our success is a collaborative effort that reflects the dedication of our employees and partners. It showcases the meaningful impact that can be achieved through a focused and agile business model and supports our purpose to create a safe and secure world, together. Babcock’s operations encompass a wide range of activities from direct spending on technology and infrastructure to fostering partnerships with local suppliers and educational institutions. This strategy has not only created highly skilled jobs but has also catalysed economic growth across various sectors and in the communities in which we operate across Australia.”
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