Defence Industry Minister Christopher Pyne said the report, which covers the Defence Innovation Hub, Next Generation Technologies Fund and Centre for Defence Industry Capability (CDIC), has shown the initiatives are advancing Defence’s capability and growing Australian industry.
“In the first year alone, these programs are already delivering substantial results for Defence capability and Australian industry," he said.
“Through close collaboration, Defence, industry and research organisations are delivering a strong, sustainable and innovative local industry which can meet Defence’s future research and capability needs.
"These programs represent a $1.6 billion commitment by the government to harness the innovation and export potential of Australia’s defence industry in support of Defence capability, and I look forward to the continued success over the next decade."
The report showed so far the Defence Innovation Hub has received over 390 innovation proposals and awarded more than $53.5 million in contracts aligned to Defence’s strategic priorities for innovation investment.
The Next Generation Technologies Fund also received more than 800 proposals, funding collaborations with more than 40 companies, universities and publicly-funded research organisations, and has committed more than $110 million to research programs in the coming years.
The CDIC’s adviser network has also assisted over 750 businesses, with 75 per cent of those accessing tailored advisory services new to doing business with Defence.