May 21, 2018 Last Updated 7:58 AM, May 18, 2018

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Australian government reveals plan to become major defence industry exporter

worldAusBNAusBN - Australia’s government has revealed a strategy that will attempt to propel the nation into the top 10 defence industry exporters in the world in the next 10 years.

Australia will create high tech jobs within its defence sector with the first stage of the plan based on the formation of a AUS$3.8 billion fund to lend to exporters. However banks are currently reluctant to finance this fund.

Prime Minister Malcom Turnbull said that the nation should rank higher than 20th among arms-exporting countries, especially with $200 million budgeted to increased Australian defence capabilities over the next decade.

"Given the size of our defence budget, we should be a lot higher up the scale than that [20th worldwide]. So the goal is to get into the top 10," Turnbull told reporters.

The planned Australian military build-up has been the largest in Australia’s peace time history, he said.

The strategy focuses on increasing defence-related exports to like-minded countries while also preventing weapons from falling into rogue regimes.

Defence minister Christopher Pyne said Australia would focus on growing sales to its biggest markets including the United States, Britain, Canada and New Zealand.

These countries already import Australian-made equipment including the Bushmaster armored vehicle and the Nulka missile decoy.

@AusBNOnline

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