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A new report by Deloitte Access Economics has found that Lockheed Martin contributed $1.06 billion to the Australian economy in 2024.
A new economic impact report by Deloitte Access Economics has revealed that Lockheed Martin Australia contributed $1.06 billion to the Australian economy in 2024. Highlighting the company’s major growth since 2022, the report emphasised Lockheed’s value in supporting the Australian economy and workforce as well as strengthening the defence sector.
The report primarily highlighted the economic impact from Lockheed on the Australian economy within the last year, noting that the company invested $463 million to Australia’s gross domestic product in 2024 (an 84 per cent increase from 2022), and an additional $596 million added (80 per cent increase from 2022) through its Australia-based supply network and chain.
Small and medium enterprises were a significant portion of Lockheed’s supply network, making up 75 per cent of Australian suppliers, representing $257 million in expenditure. In a survey with Lockheed’s suppliers, 94 per cent reported an increase in workforce growth, 71 per cent had increased revenue, and 65 per cent formed new partnerships from the work.
“Contributing over AU$1 billion to the Australian economy is a significant milestone for Lockheed Martin Australia and reflects the strength of our partnerships across industry, defence, and the community,” said Warren McDonald, Lockheed Martin Australia and New Zealand chief executive.
The report found that Lockheed’s impact on the Australian workforce was significant, finding that their full-time employees increased by 44 per cent since 2022, with nearly 5,000 active employees in Australia. Twenty-five per cent of their current workforce is made up of veterans and their largest financial and employment sector relates to their work on the Aegis combat system for the Hobart Class destroyers and Hunter Class frigates.
Lockheed’s work with the education sector was further emphasised, with the report highlighting that efforts such as their partnership with the University of Adelaide and the University of New South Wales to deliver the Combat Systems Engineering Micro-credentials program.
“From supporting thousands of direct and indirect jobs across our programs to pioneering advanced technologies at AST, our work is helping build sovereign capability and drive economic growth,” McDonald said.
