Espionage Bill: Foreign Spycraft Costs Australia $12.5 Billion Annually, Warns ASIO

Australia is facing a significant and escalating economic threat from foreign espionage, with the annual cost estimated to be at least $12.5 billion, according to the nation's top security official. ASIO Director-General Mike Burgess has issued a stark warning against complacency, emphasizing the “real, present, and costly danger” posed by state-sponsored actors and other malicious entities targeting Australian interests.

The staggering figure highlights the far-reaching impact of espionage, extending beyond traditional national security concerns to encompass critical sectors of the Australian economy. Industries such as technology, defence, resources, and healthcare are particularly vulnerable to theft of intellectual property, trade secrets, and sensitive data. This loss of competitive advantage not only damages individual businesses but also undermines Australia’s overall economic prosperity.

A Growing Threat Landscape

Burgess's warning comes amidst a rapidly evolving threat landscape. The rise of sophisticated cyberattacks, coupled with increasingly aggressive foreign intelligence operations, has created a challenging environment for Australian security agencies. State-sponsored actors, motivated by geopolitical objectives and economic gain, are employing a wide range of techniques to infiltrate Australian organisations and steal valuable information.

“We are seeing a significant increase in the activity of foreign intelligence agencies seeking to exploit Australia’s economic strengths,