Australia is set to strengthen its sovereignty and security in the region with a bold new investment plan towards the defence industry under the Federal Budget 2023-24.
On the release of this year’s Federal Budget, the Australian Government stated that its investment in national security and defence capabilities will create high-skilled and high-paid jobs in science, engineering, and cyber security.
This move is part of the commitment to implement the Defence Strategic Review, which aims to ensure that the Australian Defence Force is capable and structured to deliver the greatest return on investment.
“The Budget has reinforced the Government’s commitment to implementing the reforms detailed in the DSR,” Macquarie Telecom Group Founder/CEO David Tudehope said.
“They included the strongest indication yet of the importance of cyber security to Government, national security and Defence capabilities, and underscored the importance of growing a sovereign industry to support it.”
The government’s biggest single investment in Australia’s defence capability is the acquisition of conventionally-armed, nuclear-powered submarines.
This acquisition will create 20,000 jobs over the next 30 years in advanced manufacturing, broaden Australia’s industrial base, and create more high-skilled, high-paid jobs for Australians.
The government is also establishing the Advanced Strategic Capabilities Accelerator to transform Australia’s defence innovation ecosystem to urgently deliver advanced technologies for national security.
The budget also highlights the commitment to supporting and upskilling the Australian Defence Force personnel by providing them with financial support, and improving rates of recruitment and retention over time.
UBH Group co-founder and CEO Jeff Batten states that while he welcomes the ADF’s incentive to address recruitment and retention problems, he believes that the issue would be enhanced by a broader non-monetary suite of initiatives around the value of service and the opportunities the ADF presents.
“Providing alternative modes of service to include greater flexibility around part-time work and leave without pay would also make a big difference as well as allowing for people to potentially take a step out at certain points in their life and career,” he said.
“What we really need is the Defence workforce model to mirror more closely contemporary common practice across other sectors. And, apart from high readiness forces, this really should be able to happen.”