Navy to develop advanced guided missiles

The Morrison government is boosting Australia's maritime security with a $1 billion development of advanced guided weapons.

Defence Minister Linda Reynolds said the investment would be made across the current and future submarine and surface combatant fleets, to provide the Australian Defence Force with more options to protect Australia's interests.

"These new capabilities will provide a strong, credible deterrent that will ensure stability and security in the region," Senator Reynolds said in a statement on Monday.

The project will provide the Royal Australian Navy with long-range anti-ship missiles, extended range surface-to-air missiles, advanced lightweight torpedoes and land strike capabilities.

These will have ranges exceeding 370 kilometres for anti-ship and surface-to-air missiles and 1500km for maritime land strike missiles.

Senator Reynolds said the new weapons will enhance the protection of Australia's maritime resources and borders, and hold adversaries at much greater distances.

She said when aligned with the ongoing state-of-the-art combat system development and national shipbuilding programs, it represents an investment of up to $24 billion, building a "lethal and highly responsive" navy for decades to come.

"This investment is part of the Morrison government's $183 billion Naval shipbuilding plan, which will see up to 23 classes of vessels built here in Australia, creating thousands of jobs and significant opportunities for Australian industry," Senator Reynolds said.