The Federal Government on Wednesday revealed details of its plan to spend 48.2 billion U.S. dollars (60 billion Australian dollars) modernizing Australia's defense capabilities.

The 2009 Defense Capability Plan (DCP) released by Defense Minister John Faulkner detailed spending on 110 looming military projects over the next five years.

The DCP contains a detailed account of major capital equipment proposals planned by the Government for the period 2009/10 until 2012/13 and also foreshadows additional demand beyond those dates.

It is crucial for planning purposes by local industry interested in tendering for major defense procurement projects.

The latest plan contains a large number of opportunities for Australian industry and underlines the government's commitment to maximizing opportunities for local industry participation in Australian Defense Force procurement projects, Faulkner said.

Average annual growth in the defense industry workforce over the next four years would be about 4 percent translating into nearly 5,000 new jobs, an increase from 29,000 to 34,000 over four years, he added.

Source: Xinhua