Australia to spend $3.1 billion to increase stake in global arms exports

Australia's Prime Minister Malcolm Turnbull speaks to the media during a press conference at Parliament House in Canberra. Source: AAP

The Turnbull government wants Australia to become a top 10 weaponry exporter under a plan announced by the Prime Minister.

---

Australia is currently ranked 20th in defence industry exports with a market value of more than 2-billion dollars.

Defence Industry Minister Christopher Pyne says there will be strict controls in place to ensure the weapons don't fall into the wrong hands.