Australian Defence Industry Sees Continued Growth in 2022-23,

Australia, Police

The Australian defence industry has shown remarkable growth in the fiscal year 2022-23, as revealed by the latest Australian Defence Industry Account released by the Australian Bureau of Statistics (ABS).

The report highlights a rise of $415 million in defence spending, contributing to a significant boost in the Australian economy.

Furthermore, the industry witnessed a surge in employment, with nearly 4,000 new jobs created.

In terms of direct contribution, the Australian defence industry added $10.

Gross Value Added (GVA), representing a 4.

It is worth noting that this growth follows an impressive 18% rise in defence GVA in the previous fiscal year 2021-22.

The ABS report also revealed a 6% increase in the number of individuals employed in the defence industry, reaching a total of over 64,000.

Notably, New South Wales experienced the largest rise with an additional 2,000 people employed, closely followed by South Australia with an increase of 900 individuals.

Delving into the breakdown of industries contributing to defence GVA, professional, scientific, and technical services (excluding Computer system design) emerged as the largest contributor, accounting for 29% ($3.

Computer system design, manufacturing, and construction followed closely, each contributing 16%, 15%, and 15% respectively.

Excitingly, this release also marks the first time the ABS has published the number of Australian businesses directly providing goods and services to the Department of Defence.

Nationwide, 5,544 Australian businesses were identified as supplying the Department of Defence in 2022-23.

Interestingly, professional, scientific, and technical services (including computer system design) along with manufacturing comprised 45% of these businesses.

The Australian defence industry’s growth is not only a testament to its significance in strengthening the nation’s security but also its positive impact on the economy through job creation and increased investment.

As the industry continues to thrive, it brings ample opportunities for businesses and individuals alike to contribute and benefit from its growth trajectory.