Expanded support for Australian defence industry through $US3 Billion finance facility

Today, the Albanese Labor Government is pleased to announce the $US3 billion Defence Industry Growth Facility, which will ensure that the Australian defence industry can continue to grow and compete on a global scale.

Through the new Defence Industry Growth Facility, the Government will provide loans, bonds, guarantees and equity to support new export opportunities, to expand or upgrade facilities, and to develop new capabilities aligned with Defence priorities.

The new Facility modernises and expands the scope of the previous Defence Export Facility and will now support projects that prioritise sovereign defence capabilities and self-reliance.

The Government is committed to ensuring the Defence Industry Growth Facility is more flexible and responsive to industry needs, particularly small and medium enterprises that require timely access to finance. It is designed to crowd in private sector finance and complement other Commonwealth financing mechanisms.

The Defence Industry Growth Facility will be administered on the National Interest Account by Export Finance Australia.

Quotes attributable to Minister for Trade and Tourism, Don Farrell:

“The Defence Industry Growth Facility responds to the needs of our defence sector. We are supporting our world-class defence businesses to thrive in international markets while delivering sovereign defence capabilities at home.

“The idea is that we are spurring on the private sector too, crowding in investment to support our defence sector.

“By backing the Australian defence industry, we are meeting the demands of Australian national security and supporting Australian jobs and businesses.”

Quotes attributable to Minister for Defence Industry, Pat Conroy:

“Sovereign defence capability is essential for our nation’s security. The Defence Industry Growth Facility will build self-reliance and help attract private finance to the defence sector.

“This is about supporting Australian innovation, unlocking export-driven growth, and accelerating our capacity for producing home-grown capability for a Future Made in Australia.”