WHY IMPORTANT TO WISCONSIN: Increased demand is expected to create opportunities for Wisconsin businesses in the sector.
Australia will invest $330 billion AUD ($232 billion USD) in its military over the next decade to “shift to an integrated, focused force,” the government said in its 2024 National Defense Strategy.
Australia will work with the U.S. and the UK and will strengthen its relationships with countries in Southeast Asia, the Pacific, the Indian Ocean, and regions of northern Asia to safeguard its national security over the coming decades, Deputy Prime Minister Richard Marles said.
“Australia faces the most complex and challenging strategic environment since the Second World War. It demands a coordinated, whole-of-government and whole-of-nation approach to Australia’s defense,” Marles said.
The annual defense budget will grow to $100 billion AUD ($70.4 billion USD) by 2033-34—“an historic investment,” Marles said. Overall, funding for the military will reach $765 billion AUD ($539 billion) during the decade.
Immediate priorities include:
• Advancing the country’s conventionally armed, nuclear-powered submarine capability
• Enhancing long-range strike capabilities
• Strengthening northern bases
• Improving the expansion and retention of a highly skilled workforce
• Boosting innovation
The army is also spending $100 million AUD ($70 million USD) to buy new, unmanned drone systems to carry out surveillance and reconnaissance flights.
In addition, the U.S. and Australia signed a Technology Safeguards Agreement in July 2024 that allows the U.S. to conduct spaceflight activities involving sensitive technologies from Australian territory while supporting Australia’s emergence as a global launch hub, according to the Australian Space Agency.
The Australian aerospace market has been climbing since the pandemic, and the market is projected to grow from $3.2 billion USD in 2024 to $4.5 billion USD by 2030, according to Mordor Intelligence.
Wisconsin exporters—particularly those already selling to U.S. Department of Defense, offering modern defense products, helicopters, surveillance systems, and unmanned aerial systems—might find opportunities in Australia.
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