ASIO: China, Russia, Iran Key Espionage Threats

Australia's security chief Mike Burgess revealed that foreign espionage cost the country at least A$12.5 billion in the 2023-24 financial year, according to a comprehensive report by ASIO and the Australian Institute of Criminology. The losses include nearly $2 billion from the theft of trade secrets and intellectual property, as well as indirect costs from countering espionage activities. Burgess identified China, Russia, and Iran as leading sources of espionage targeting Australia. He cited examples such as the hacking of a major exporter’s computer network and the theft of rare horticultural assets. ASIO has disrupted 24 major espionage and foreign interference operations in the past three years, surpassing the total from the previous eight years. Burgess urged heightened vigilance from business and government leaders, warning that complacency increases national and economic vulnerability.