Investi Stratix
  • Politics
  • Economy
  • Forex
  • Stock
  • Editor’s Pick
  • Politics
  • Economy
  • Forex
  • Stock
  • Editor’s Pick
No Result
View All Result
Investi Stratix
No Result
View All Result

Australia cancels Lockheed Martin military satellite project

by
November 4, 2024
in Economy
0
Australia cancels Lockheed Martin military satellite project

SYDNEY (Reuters) – Australia has cancelled a multi-billion dollar military satellite project with Lockheed Martin (NYSE:LMT), with a Department of Defence statement on Monday saying the military will instead shift its focus to a multi-orbit system.

Lockheed Martin Australia was announced as the preferred tenderer last year for the Geostationary Earth Orbit (GEO) satellite communications system, in a project that was to deliver Australia’s first sovereign-controlled satellite communication system over the Indo-Pacific ocean regions.

The project for a single orbit satellite with Lockheed Martin had been cancelled, the Department of Defence said in a statement on Monday.

“With the acceleration in space technologies and evolving threats in space since the project’s commencement, Defence has assessed that a single orbit GEO-based satellite communications system would not meet strategic priorities,” the statement said.

It said Australia would instead prioritise a multi-orbit capability to increase resilience for the Australian Defence Force.

In a radio interview with the Australian Broadcasting Corporation, Prime Minister Anthony Albanese said while Australia’s defence budget was increasing, his government was prioritising its purchases.

When the Lockheed Martin project was announced last year it was said by authorities to be a “multi billion dollar” deal, but in Monday’s Defence statement there was no specific value to the cancelled project.

However, Defence said in the statement that it will still allocate A$9-12 billion ($13.87 billion) for space capabilities.

($1 = 1.5135 Australian dollars)

This post appeared first on investing.com
Previous Post

Markets brace for US election showdown in event-packed week

Next Post

Asia stocks rise with China stimulus, US elections in focus

Next Post
Asia stocks rise with China stimulus, US elections in focus

Asia stocks rise with China stimulus, US elections in focus

Subscribe to InvestiStratix.com

    Popular News

    How billionaire Caltagirone could influence Italy’s banking M&A wave

    How billionaire Caltagirone could influence Italy’s banking M&A wave

    July 7, 2025
    How billionaire Caltagirone could influence Italy’s banking M&A wave

    How billionaire Caltagirone could influence Italy’s banking M&A wave

    July 6, 2025
    Black Sabbath’s farewell show to deliver £20M economic boost to Birmingham

    Black Sabbath’s farewell show to deliver £20M economic boost to Birmingham

    July 5, 2025
    UK government faces market jitters and political rebellion amid fiscal tensions

    UK government faces market jitters and political rebellion amid fiscal tensions

    July 5, 2025
    How billionaire Caltagirone could influence Italy’s banking M&A wave

    How billionaire Caltagirone could influence Italy’s banking M&A wave

    July 5, 2025

    Trending News

    How billionaire Caltagirone could influence Italy’s banking M&A wave

    How billionaire Caltagirone could influence Italy’s banking M&A wave

    July 7, 2025
    How billionaire Caltagirone could influence Italy’s banking M&A wave

    How billionaire Caltagirone could influence Italy’s banking M&A wave

    July 6, 2025

    Popular News

    • How billionaire Caltagirone could influence Italy’s banking M&A wave
      July 7, 2025
    • How billionaire Caltagirone could influence Italy’s banking M&A wave
      July 6, 2025

    About Us

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 investistratix.com | All Rights Reserved

    No Result
    View All Result
    • Politics
    • Economy
    • Forex
    • Stock
    • Editor’s Pick

    Copyright © 2025 investistratix.com | All Rights Reserved