Lockheed Martin Australia has contributed more than AUD 1 billion to the national economy in 2024, according to a new Economic Impact Report by Deloitte Access Economics.
The report found the company contributed AUD 1.06 billion to Australia’s gross domestic product (GDP) last year, an 82 per cent increase since 2022, while supporting 4,919 full-time equivalent jobs across its operations and supply chain.
Deloitte Access Economics reported that Lockheed Martin Australia’s direct activities added AUD 463 million to GDP, with a further AUD 596 million generated through its Australian supplier network.
More than 600 suppliers were engaged in 2024, 75 per cent of which were small-to-medium enterprises that collectively received nearly AUD 257 million in expenditure, the report found.
“Contributing over AUD 1 billion to the Australian economy is a significant milestone for Lockheed Martin Australia and reflects the strength of our partnerships across industry, defence, and the community,” said Warren McDonald, chief executive of Lockheed Martin Australia and New Zealand.
“From supporting thousands of direct and indirect jobs across our programs to pioneering advanced technologies at AST, our work is helping build sovereign capability and drive economic growth.”
The report highlighted that for every Lockheed Martin Australia employee, more than two additional jobs were supported across the company’s supply chain. The workforce, which includes 25 per cent veterans and active Reservists, has grown by 44 per cent since 2022.
According to the report, Lockheed Martin Australia’s activities across air, land, maritime, and space domains were identified as key drivers of economic growth. The Air Superiority programs, which include the Black Hawk, Seahawk, C-130J and F-35 aircraft, accounted for the largest overall contribution, adding A$356 million in value and supporting 1,959 jobs.
Deloitte Access Economics noted the Maritime, Mission Systems, Undersea Systems, and Guided Systems division delivered the largest direct contribution of A$221 million and 785 direct jobs, supported by ongoing investment in the Aegis combat system and the AIR6500 Phase 1 program.
The company’s initiatives in workforce training and regional development were also cited, including apprenticeship programs in Nowra, NSW, specialised training for engineers in guided weapons production, and partnerships with the University of Adelaide, UNSW, and Defence Trailblazer to deliver a Combat Systems Engineering micro-credentials program, the report found.
Deloitte Access Economics also noted a 20 per cent growth in the company’s research and training contribution since 2022, now valued at AUD 38 million in GDP. Lockheed Martin Australia’s work on the Southern Positioning Augmentation System (SouthPAN) was recognised as part of its commitment to advanced, sovereign technology development.
Looking ahead, the company said it will continue to partner with the Australian Defence Force in delivering the National Defence Strategy, including roles as Strategic Partner for Integrated Air and Missile Defence and the Guided Weapons and Explosive Ordnance Enterprise.
