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.

Source:  Defence Media
Image:  Defence Media