The Commonwealth Government has announced up to $3.8bn in loan finance and $20 mil annual direct funding to underpin a Defence Export Strategy. The Strategy backs up the aspiration of building a substantial defence export industry off the $200bn defence expenditure program.

Under the Strategy, a $3.8 bn Defence Export Facility will be administered by EFIC to fill any market gap in defence export finance.

An Australian Defence Export Office is to be established immediately in the Defence Department’s Industry Policy Division, doubling the current Defence workforce focused on supporting defence exports. It will formally align its efforts with Austrade.

A new Australian Defence Export Advocate will advocate for Australian defence exports internationally and undertake domestic stakeholder engagement.

The Centre for Defence Industry Capability will expand its role in industry advice, assistance and development under the Strategy.

Further details here.