"Currently we rank fifth in the world for defence imports, but 20th in the world for exports," said Minister Pyne.

"We will strive to reverse those numbers. The Turnbull government will release a Defence Export Strategy later this year to plan, guide and measure defence export outcomes."

Minister Pyne said that the new strategy will be in line with the government's economic objectives and will aim to enhance Australia's future economic prosperity.

"This [the strategy] will be in support of our economic, foreign and trade policy objectives and defence capabilities and national security goals," he said.

"The Defence Export Strategy will also help with the task of transforming Australian industry to guarantee future prosperity.

"It will be complementary with work the government has already done. In just over 12 months, the Turnbull government has already made significant progress in building our future defence industry capability."

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The minister noted that the new strategy, combined with the establishment of the Centre for Defence Industry Capability (CDIC) and the recent launch of the Next Generation Technologies Fund (NGTF), will be key in driving the manufacturing industry in Australia.

"We have established the Centre for Defence Industry Capability, along with the Defence Innovation Hub and just last week I launched the Next Generation Technologies Fund," Minister Pyne said.

"Using the defence dollar to drive the take-up of high-technology and give new impetus to our advanced manufacturing industries is central to our vision of a resilient future Australian economy."

The establishment of the CDIC, the NGTF and the imminent launch of the Defence Export Strategy fall under the government's long-term approach, enabling approximately $195 billion investment to enhance Australia's defence capabilities.