“The Defence Industry Development Strategy (DIDS) released today is the third top-level Australian defense document put out this year, following the release of the National Defence Strategy (NDS) and Integrated Investment Plan (IIP) in April. Those previous documents focused on potential threats and Australia’s potential responses, along with the country’s expected budgets to meet defense commitments.”
“Among the key features of the strategy is targeted investment to support the growth of the industry, with the announcement of an additional $80 million Australian dollars ($55.4 million USD) to be provided to Australian small- and medium-sized businesses developing defense-related capabilities through 2030 via the Defence Industry Development Grants Program.”
“The DIDS also reforms and relaunches Australia’s $3 billion fund ($2.06 billion USD) that seeks to ‘provide more flexible and timely support’ for the defense industry in efforts to secure overseas contracts, which the department said has been ‘underutilised’ since it was established in 2018.”