The fortnight| • | ASX defence names fell 8.9% on average while global defence primes rose 0.1%. | | • | Tracked employers posted 159 roles, down from 241 last edition. | | • | BAE Systems led with 37 roles, while Austal rose to 27 on Henderson trades. | | • | Defence opened 22 tenders and closed 11, with 52 open and 17 closing by 19 November. | | • | Four contracts of $10m or more totalled $84m, against a $243m fortnightly average. | | • | North west construction and intelligence data hold the clearest openings, so team before shortlists harden. |
Calls and moves where the sector is heading, and the moveCall 1 · North West Cape build · high confidence · New call Defence will award major works to build out the North West Cape within 12 months. FIC: Facilities and training areas, Supplies, Industry WhyDefence named shortlists to tender for the Learmonth logistics node (AZ6644) and the Harold E Holt redevelopment (AZ6643). It opened an alternative finance sounding for strategic sea lift at Learmonth (RFI/2026/SSL-L) and an energy contractor EOI for the deep space radar (AZ6640-1). Raytheon is hiring a project officer at Harold E Holt. The moveThe need is facilities and supplies at a remote site: power, fuel, port handling, camps and secure communications. Shortlisted builders will need subcontractors who can mobilise to Exmouth. Western Australian trades, energy and logistics firms should approach the shortlisted primes now. Sources: AusTender AZ6644 · AusTender AZ6643 · AusTender RFI/2026/SSL-L Call 2 · Targeting and intelligence data · high confidence · New call Defence will contract a joint targeting and intelligence data enterprise within 18 months. FIC: Command and management, Major systems, Industry WhyDefence opened a Targeting Enterprise RFI (DTE-RFI-2026-01) and a geospatial prime systems integrator RFI (TN107466). An Intelligence Mission Data production RFT (ICD/RFT/IMDPROD01) closes 11 December. Kestrel's read: this is the data spine for long range strike. The moveThe need is command and management: data pipelines, fusion software and cleared analysts feeding the joint targeting cycle. Integrators will win the prime roles. Mid tier firms with cleared staff, geospatial tools or automation should team with them before the RFI responses shape the scope. Sources: AusTender ICD/RFT/IMDPROD01 · AusTender DTE-RFI-2026-01 · AusTender TN107466 Call 3 · Munitions handling and testing · medium confidence · Firmer Defence will fund munitions handling, testing and storage capacity alongside its missile buys through 2027. FIC: Supplies, Facilities and training areas, Industry WhyArmy opened a request for proposal for deployable ammunition processing (LCD-26-0064), closing 25 November. Guided weapons test and evaluation has an industry briefing closing 19 November (DDG TE 2092-1). A former Rio Tinto operations chief became National Armaments Director on 27 October. The moveThe need is supplies and facilities behind the weapons: inspection, repackaging, test ranges, magazines and safe storage. These enablers decide how fast stockpiles grow. Small firms in containerised systems, explosives safety and range instrumentation should team with the munitions primes now. Sources: AusTender LCD-26-0064 · AusTender DDG TE 2092-1 · Former Rio Tinto boss Kellie Parker named National Armaments… Call 4 · Stirling support services · medium confidence · New call AUKUS submarine rotations will pull new support service contracts into Stirling naval base through 2027. FIC: Support, Personnel, Facilities and training areas WhyThe United States submarine Colorado arrived at Stirling on 28 October as the first boat for western rotations. The Australian Submarine Agency opened a 24 hour paramedical RFT for Stirling (102223), closing 23 November. The naval nuclear regulator is buying reactor technical support (ANNPSR 001). The moveThe need is support and personnel around nuclear boats: health, security, radiation safety, accommodation and port services. Each service needs cleared, qualified staff in a tight Western Australian market. Firms with regulated health, safety or nuclear credentials should position for the follow on Stirling packages. Sources: AusTender 102223 · USS Colorado named first submarine for AUKUS SRF-West rotations · AusTender ANNPSR 001 Call 5 · Operational energy · medium confidence · New call Defence will buy its own energy supply for remote bases and deployed forces within 18 months. FIC: Facilities and training areas, Supplies, Support WhyDefence is tendering a lead partner for an Operational Energy Transitions research centre (13016), closing 16 November. It is sounding the market on operating Northern Territory solar farms (DCET-NTSOLAR). It also wants a managing contractor for alternate energy at the deep space radar (AZ6640-1). The moveThe need is supplies and facilities: generation, storage, microgrids and fuel resilience at remote sites. Batteries, controls and maintenance crews are the force multipliers. Energy firms should pair with estate primes and research partners, because onshore battery supply remains thin. Sources: AusTender 13016 · AusTender DCET-NTSOLAR · AusTender AZ6640-1 Last edition's calls, checked| Open | Layered air and missile defence tendered across land and sea by mid 2027 The medium range air and missile defence EOI closes 26 November, and no RFT or shortlist has been published yet. | | Open | Onshore missile propulsion or shell filling tendered by end 2027 The composite materials RFQ closed 26 October and the shell filling RFI closes 6 November, but neither is an RFT. | | Open | Layered base protection, including drone defeat, bought within 12 months Canberra introduced base drone protection laws, but no RFT or contract for base drone defeat has appeared. | | Open | Collins submarine training bought well beyond 2029 The Collins Class Training Services RFI closes 25 November, and the test needs an RFT by 30 September 2027. |
Procurement and spend 12 months of contracts, and what Defence is asking for| • | Missiles and munitions took $1.6bn of the $6.3bn spent over 12 months, almost all in one $1.5bn Foreign Military Sales case. Thales ($28m) and Chemring ($10m) hold the onshore share. | | • | Fuel, logistics and estate drew $2.2bn across 21 notices, led by Data#3 at $720m, Viva Energy at $552m and Commerz Real at $423m. Data#3 is the repeat winner, with $905m across three notices under two names. | | • | Department of Defence placed $4.9bn of the total. Home Affairs ($711m) and the Australian Federal Police ($518m) form a second market, and Home Affairs is now asking for border boats and surveillance technology. | | • | Information and communications technology, software and cyber carried the most notices, 17 worth $613m, with Telstra adding $17m this fortnight. Open asks for targeting software and mission data will pull that spend toward intelligence. | | • | This fortnight's $84m sits far below the $243m average. The open asks point next to north west construction, munitions handling and the Navy drone defence proposal round closing 27 November. |
| Capability | Share of 12 mths | 12 mths | Fortnight | Top winner, 12 mths |
|---|
| Missiles, munitions and weapons | | $1.6bn | $10m | FMS Account Reserve Bank of Australia | | Fuel, logistics and supplies | | $1.4bn | – | DATA#3 Data 3 Group | | Estate, base services and facilities | | $809m | – | Commerz Real Australian Management Company | | ICT, software and cyber | | $613m | $17m | DATA#3 | | Sustainment and in-service support | | $471m | $15m | Babcock | | Training, health and people | | $303m | – | Resmed Asia Pacific | | Maritime platforms and systems | | $271m | – | FMS Account Reserve Bank of Australia | | Sensors, electronics and communications | | $187m | – | Boeing Defence Australia | | Land vehicles and transport | | $170m | – | Hertz Australia | | Engineering and professional services | | $111m | – | Commonwealth Superannuation Corporation Csc | | Aircraft and aviation | | $26m | – | Ids Australasia | | Other | | $394m | $41m | Commonwealth Bank of Australia |
By buyer: Defence $4.9bn, Home Affairs $711m, Australian Federal Police $518m, Veterans' Affairs $201m, Australian Submarine Agency $15m.
Top winners: FMS Account Reserve Bank of Australia $1.7bn, DATA#3 Data 3 Group $720m, Viva Energy Australia $552m, Commerz Real Australian Management Company $423m, Commonwealth Bank of Australia $297m. Contracts that move the market DELOITTE TOUCHE TOHMATSU New award · $41.1m · Department of Defence Deloitte will provide budget, taxation and financial services to Defence from October 2026, with options to the end of 2032. With KPMG barred from federal work until February 2027, rival advisers lose a major Defence lane for years. Kestrel's read: staffing it will tighten the scarce pool of public sector finance specialists. KONGSBERG MARITIME PTY LTD New award · $15.5m · Department of Defence Kongsberg Maritime will support Navy simulators from Fremantle until 2033, with options to 2036, after a limited tender to one supplier. Rival simulation firms are shut out of this work for a decade. Kongsberg's Western Australian team will compete with Austal, Babcock and Raytheon for the same technicians. What Defence is asking for now · 52 defence tenders open, 22 new  Estate and northern bases Two major projects on the North West Cape reached shortlist stage: the Learmonth logistics node (AZ6644) and the Harold E Holt redevelopment (AZ6643). Learmonth sea lift finance (RFI/2026/SSL-L), radar energy (AZ6640-1) and Scherger upgrades (DHAPROC27_1483) add to the northern build. The other 14 estate RFTs are routine refurbishment, though three at Williamtown show an air base being sustained. Notice AZ6644 closes 24 Nov · Notice AZ6643 closes 30 Jun · RFI RFI/2026/SSL-L closes 17 Dec · EOI AZ6640-1 closes 17 Dec · RFQ DHAPROC27_1483 closes 3 Dec · EOI DCET-NTSOLAR closes 20 Nov · RFT S-EST10736 closes 25 Nov · RFT S-EST11064 closes 10 Dec · RFT S-EST11113 closes 20 Nov Intelligence, targeting and geospatial Defence wants solutions to automate the joint targeting cycle (DTE-RFI-2026-01, closing 13 November) and a prime systems integrator for its geospatial intelligence agency (TN107466). Intelligence Mission Data production is already at RFT (ICD/RFT/IMDPROD01), so money follows in 2027. Canberra integrators hiring cleared engineers, such as Leidos and Kinetic IT, have the bench on Kestrel's reading. RFT ICD/RFT/IMDPROD01 closes 11 Dec · RFI DTE-RFI-2026-01 closes 13 Nov · RFI TN107466 closes 2 Dec Guided weapons and explosive ordnance The five inch shell filling RFI (GWEOS/RFI/99180/1) closes 6 November, while deployable ammunition processing (LCD-26-0064) and ship drone defence (GWEOS/RFP/97003/1) are live proposals. Medium range air and missile defence sits at EOI (AIR/EOI/102637/1), a shortlist forming. Thales and Chemring hold the onshore munitions spend, and Northrop Grumman is hiring capture managers for mission systems. RFP LCD-26-0064 closes 25 Nov · RFP GWEOS/RFP/97003/1 closes 27 Nov · EOI AIR/EOI/102637/1 closes 26 Nov · RFI GWEOS/RFI/99180/1 closes 6 Nov · Notice DDG TE 2092-1 closes 19 Nov · RFT S-EST10747 closes 2 Dec Naval and submarine support The Australian Submarine Agency wants 24 hour paramedics at Stirling (102223) and the nuclear regulator wants reactor technical support (ANNPSR 001). Collins training after June 2029 is at RFI (Navy/TF/CCTS/RFI) and the watercraft and seaboats panel closes 9 November (PBSS/RFT/92347/1). Babcock, the Collins sustainer hiring in Henderson, looks best placed for Collins training. RFT 102223 closes 23 Nov · RFT ANNPSR 001 closes 10 Nov · RFI Navy/TF/CCTS/RFI closes 25 Nov · RFT PBSS/RFT/92347/1 closes 9 Nov Space and satellite communications The narrowband satellite communications RFT (ADSS/RFT/84124/1) closes 7 December, which puts a space segment decision in 2027. A United States intelligence report now calls commercial satellites legitimate targets, which strengthens the case for military owned payloads on Kestrel's reading. RFT ADSS/RFT/84124/1 closes 7 Dec · Notice ADSS/NOT/84124/1 closes 31 Dec Closing before the next edition (and 12 routine others) | Closes | Stage | Approach to market |
|---|
| 6 Nov | RFI | GWEOS/RFI/99180/1 Five-Inch High Explosive (HE) Domestic Load Assemble Pack (LAP) Facility RFI
Department of Defence - CASG | | 9 Nov | RFT | PBSS/RFT/92347/1 The Australian Watercraft and Seaboats Panel
Department of Defence - DSRG | | 10 Nov | RFT | ANNPSR 001 Commercial Pressurised Water Reactor Technical Support Services
Australian Naval Nuclear Power Safety Regulator | | 13 Nov | RFI | DTE-RFI-2026-01 The Defence Targeting Enterprise
Department of Defence - DSRG | | 19 Nov | Notice | DDG TE 2092-1 GWEO Test & Evaluation Industry Briefing
Department of Defence - DSRG |
Who is hiring 159 roles posted at tracked employersAustal Australia 27 roles, up from 18, with 16 in Henderson across welding, fabrication, piping and supply. Fremantle carries 8 planning, cost and configuration roles. So whatKestrel's read: the trades mix fits a production ramp for Army's Landing Craft Heavy, backed by $245m of National Reconstruction Fund money. Kinetic IT 20 roles, 19 of them in Canberra, across service management, infrastructure, networks and databases. It was not among the leading employers last edition. So whatKestrel's read: the mix fits a large managed Defence network and service desk contract, competing with Leidos for cleared Canberra engineers. BAE Systems Australia 37 roles, down from 111 last edition, across Edinburgh, Osborne and Melbourne. Integrated logistics support, electronics production and combat system training lead. So whatKestrel's read: Osborne roles track the Hunter class frigate build, and the smaller intake gives South Australian engineering rivals some breathing room. Location | Role Category | Logistics & Sustainment | 13 |
| Company |
Skills demand, 12 month direction | ▲ | Shipyard trades | Austal posted welders, boilermakers, fitters, plumbers and a carpenter, within 11 trades and manufacturing postings. | | ▲ | Capture and bid teams | Northrop Grumman, Anduril, Thales and Austal posted 8 capture, pricing and business development roles. | | ▲ | Intelligence and analysis | Eight intelligence and analysis postings meet fresh Defence asks for targeting and mission data work. | | ▼ | Engineering | Engineering postings eased to 26 as BAE Systems posted 37 roles against 111 last edition. | | ▶ | Logistics and sustainment | Thirteen logistics postings, many in warehousing, track steady sustainment work in Henderson and Edinburgh. |
Forwarded this email? Subscribe here. 🙏 Forwarding this email to colleagues to subscribe validates the brief's usefulness. What the market thinks 12 month outlook, not financial advice| • | ASX defence names fell 8.9% on average against a 0.1% rise for global primes, a sector wide small cap move with no named cause. | | • | Elsight fell 48.5% and Electro Optic Systems 19.1% with no visible cause in the evidence, and contract news will set their direction over the next year. | | • | DroneShield fell 13.2% even as base drone protection laws went to parliament, and Navy drone defence awards will matter more than policy over the year. | | • | Babcock rose 10.8% and BAE Systems 6.6% with no named cause, and AUKUS and naval sustainment work should keep favouring established naval incumbents. | | • | Austal rose 2.6% despite reports Washington wants its United States yard sold to Hanwha, and its home outlook rests on Army's Landing Craft Heavy. |
ASX-listed | Company | 2 wks | 12 mths |
|---|
| ELS Elsight | ▼ 48.5% | ▲ 5.5% | | EOS Electro Optic Systems | ▼ 19.1% | ▲ 30.7% | | TTT Titomic | ▼ 13.6% | ▼ 62.0% | | DRO DroneShield | ▼ 13.2% | ▼ 66.0% | | AR9 archTIS | ▲ 9.7% | ▼ 16.8% | | AVA AVA Risk Group | ▼ 6.4% | ▼ 36.2% |
| Global primes in Australian programs | Company | 2 wks | 12 mths |
|---|
| 012450.KS Hanwha Aerospace | ▼ 17.1% | ▼ 29.3% | | BAB.L Babcock | ▲ 10.8% | ▼ 13.6% | | BA Boeing | ▼ 7.9% | ▼ 10.4% | | LMT Lockheed Martin | ▲ 7.9% | ▲ 25.8% | | BA.L BAE Systems | ▲ 6.6% | ▲ 12.2% | | RHM.DE Rheinmetall | ▼ 4.7% | ▼ 41.9% |
|
Five Eyes and alliance defence indices | Index | 2 wks | 12 mths |
|---|
| GlobalGlobal X Defense Tech | ▼ 0.7% | ▼ 7.7% | | United StatesSPDR Aerospace & Defense | ▲ 1.3% | ▼ 5.5% | | United KingdomUK Aerospace & Defence | ▲ 5.4% | ▲ 4.1% | | CanadaCanadian Defence | ▲ 4.6% | ▲ 57.6% | | AustraliaGlobal X Defence Tech | ▼ 1.9% | ▼ 16.6% | | NATOThemes Transatlantic Defense | ▲ 1.7% | ▼ 1.6% | | EuropeSTOXX Europe Aerospace & Defense | ▼ 1.2% | ▼ 8.0% |
What the commentators argue and where the money wentShoebridge argues Defence's missile defence plan is too slow, costly and protects only military bases Michael Shoebridge (Strategic Analysis Australia) The moneyThe money agrees on pace, with medium range air and missile defence still at EOI (AIR/EOI/102637/1) and a shortlist only now forming. The shortlist's mix of interceptors will show whether Defence answers his cost and supply worries. Beaumont argues logistics now has strategic attention but preparedness assumptions may not have changed David Beaumont (The Paper War) The moneyThe money shows attention becoming tenders, with Army's deployable ammunition processing RFP (LCD-26-0064) and the Learmonth logistics node shortlist (AZ6644). Whether assumptions have changed will show in contract awards, not briefings. Shoebridge argues national security AI needs intelligence data, not access to copyrighted creative work Michael Shoebridge (Strategic Analysis Australia) The moneyThe money agrees on what Defence buys, with Intelligence Mission Data production at RFT (ICD/RFT/IMDPROD01) and a Targeting Enterprise RFI (DTE-RFI-2026-01). No edition item touches the frontier AI deals, so a Defence contract with OpenAI or Anthropic would be the test. Dates to watch| 6 Nov | Five inch shell filling RFI closes Response depth will show whether a domestic filling line has enough bidders to reach RFT. | | 13 Nov | Targeting enterprise RFI closes It sets the scope integrators will bid against in the intelligence data build. | | 19 Nov | Guided weapons test and evaluation briefing closes The work plan will show which ranges and test services Defence buys next. | | 23 Nov | Stirling paramedical RFT closes An award would be the first test of the Stirling support call. | | 26 Nov | Medium range air and missile defence EOI closes A shortlist next would satisfy last edition's air defence test. | | 27 Nov | Navy ship drone defence proposals close Bidder numbers will show how crowded the counter drone field is before any award. |
Next edition: Thursday 19 November 2026. Kestrel reads the Australian defence market every weekday morning. Subscribe free | 
