The Australian defense industry is already experiencing gains from the reforms introduced by the AUKUS trilateral security partnership, just six months after its ratification, the Albanese government said in a press release on Monday.
One significant reform under AUKUS allows local businesses to export most military and dual-use goods to the United Kingdom and the United States without needing an export license. This has enabled Australian businesses to achieve over $25 million in license-free exports and to unlock investment opportunities.
Formed in 2021, AUKUS aims to enhance collaboration between Australia, the U.K. and the U.S. in security and defense capabilities. This includes sharing intelligence and technology, as well as fostering deeper integration of technology, industrial bases and supply chains.
Richard Marles, Australian deputy prime minister and defense minister, highlighted the impact of the trilateral security partnership on the local economy.
“It is terrific to see so many Australian defense companies already benefitting from these landmark reforms, both in terms of the lower costs to doing business and the unprecedented access they now have to markets in the United Kingdom and United States,” he said.
“These reforms are revolutionizing our ability to trade and collaborate with our AUKUS partners and underscore the importance of our partnership with the United States and the United Kingdom under AUKUS.”
On Friday, the deputy premier explored other potential defense cooperation opportunities with the U.S. during a meeting with his U.S. counterpart, Pete Hegseth. According to a Pentagon readout, the meeting centered around security challenges in the Indo-Pacific, the deployment of U.S. forces in Australia, and the progression of defense industrial base cooperation on munitions.
The readout also indicated that Australia has made its first $500 million payment to the United States under the AUKUS nuclear submarine deal.