Governments must be more strategic with the $27 billion on offer to defence businesses in Australia, including opening up its new industry accelerator, according to a new report that says an an influx of private capital will also be needed.
The report by the United States Studies Centre published Friday urges government to use co-investment and better contracting to create a new “defence-finance-tech ecosystem” that leverages everyone from foreign defence primes to Australian dual use startups and researchers, with venture capitalists and super funds backing the companies.
In practice this would start with defence’s new Advanced Strategic Capabilities Accelerator (ASCA), broadening its outreach and taking advice on tech from a new AUKUS Pillar II “trusted network”, with the nation’s chief scientist also handed “full visibility” and input into defence innovation reform.
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