Lockheed Martin Australia’s efforts to boost Australia’s sovereign defence capability have resulted in significant economic benefits for the country, according to a report from Deloitte Access Economics.
The Lockheed Martin Australia 2022 Economic Impact Report revealed that in 2022, the company injected $583 million in economic contribution to Australia’s Gross Domestic Product.
A direct contribution of $252 million was added through Lockheed Martin Australia’s activities and a further $331 million through Australian-based supply chains.
Australian small-medium enterprises represented approximately 75 per cent of total suppliers and captured nearly $250 million in expenditure.
The report also revealed that Lockheed Martin Australia’s workforce generated significant value added to the Australian economy, estimated at $214,000 per job in 2022.
Lockheed Martin has a network of more than 1,200 Australian suppliers across the country, ensuring that the nation’s current and future defence needs are met through sovereign capabilities. Over 800 of these suppliers were used in 2022 alone.
The largest overall economic distribution came from the company’s support for Air Superiority programs, generating a total of $199 million in value-added while supporting 1,361 jobs.
As the F-35 Joint Strike Fighter original equipment manufacturer and sustainment prime, Lockheed Martin works with its local industry partners to conduct training and sustainment activities for the Royal Australian Air Force’s fleet in Williamtown and Tindal.
Sikorsky Australia, a Lockheed Martin company that maintains the Royal Australian Navy’s fleet of MH-60 R Seahawk helicopters, has funded and implemented an apprenticeship training program.
Over the next five years, Sikorsky plans to scale its skilled workforce in Nowra, predominantly comprising engineers and maintenance workers, from 200 to 300 personnel.
“The findings of the report demonstrate the steps Lockheed Martin Australia is putting in place to promote STEM and defence work for the next generation,” said Lockheed Martin Australia CEO Warren McDonald.
“We are collaborating with local partners to promote STEM and defence careers and Lockheed Martin Australia is dedicated to advancing diversity within STEM and the defence industry.”
