To expedite the process, the minister explained that the Albanese government would “find ways” to speed up defence acquisition, including taking on greater risk and reforming the contracting cycle.

He also pledged to reduce the number of Sovereign Industrial Capability Priorities (SICPs), warning Defence that “some sacred cows will be slain”.

Empathising with small and medium-sized Australian businesses at the symposium, Minister Conroy acknowledged that businesses need to be informed earlier whether they were likely to be recipients of defence contracts so they can effectively plan their business.

“Of course, you want to win that contract,” he said.

“But equally you want to know if there isn’t interest in what you’re doing, or there isn’t a pathway to contracting. You want to be told early, before you mortgage your house, or before you take on unsustainable debt.

“You want to know whether this has got a practical chance of success.”

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Despite the claims, Minister Conroy’s comments came days after the Albanese government announced that it would postpone the selection of a preferred tender for the $18 to 27 billion LAND 400 Phase 3 project — aimed at procuring and supporting up to 450 next-generation infantry fighting vehicles.

A final decision will now be subject to recommendations handed down by the Defence Strategic Review in March.

The government had previously committed to selecting a preferred tender before the end of 2022.

[Related: Opposition lambasts LAND 400 delay]