The construction of the F-35 fighter will inject billions of dollars into the Australian economy, says the jet's US maker.
Two Australian F-35A planes made their debut at the Avalon Airshow on Friday in front of Prime Minister Malcolm Turnbull, who called them "lethal".
Lockheed Martin F-35 General Manager Jeff Babione said there was currently $800 million in contracts for the F-35 held by Australian companies - but this will go into the billions going forward.
"I spent the day yesterday with Australian industry that are contributing to the F-35 program. It's just exciting to listen to their story and see what effect F-35 is having on their business," he told reporters on Friday.
"Every F-35 has some part from Australia."
Victorian Premier Daniel Andrews said 70 per cent of the Australian components in the Joint Strike Fighter came from Victorian firms.
"A good amount of this work will come to Victoria because that's where the work's done now, that's where the skills are," he said.
"I want to congratulate Malcolm Turnbull and the commonwealth government - at least in relation to their air force purchasing; they're buying local and that's always the best thing to do."
The federal government has ordered 72 of the next generation fighters at a cost of $17 billion, with the first to be delivered by 2018.
The price has been heavily criticised but Mr Babione said the cost is being driven down all the time.
"We brought the cost down to below $100 million and there is potential to significantly reduce that going forward," Mr Babione said.
"The cost is down about 62 per cent from the first lot of aeroplanes."
He said the company is on a good trajectory to get the cost down to $80 million per plane by 2020 by developing new technologies to assist in driving down the price.
These included a new robotic arm which sprays resin and dries the outside of the aircraft, something that used to be done by hand a took much longer.
The F-35A is on display at the Avalon Airshow until Sunday when they will return to the US.
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