Australia's naval ships will be armed with more than 200 Tomahawk cruise missiles able to strike targets 1500km away in a $1.3 billion deal with the US.
The federal government on Monday announced it will buy a suite of high-tech missiles under a total $1.7 billion investment to boost the strike capability of the Australian Defence Force.
The purchase comes in response to a defence strategic review, which recommended the ADF develop the ability to strike targets at longer range.
Defence Industry Minister Pat Conroy said the missiles would contribute to maintaining a strategic balance in the Indo-Pacific region.
"It provides a strong deterrence for the Australian Defence Force against any potential aggressor," he said in Sydney.
"Only by deterrence can we promote strategic balance in our region and promote peace and stability as well."
The Tomahawk land attack missile has a range of up to 1500km.
The missiles would be fitted to the navy's Hobart class air warfare destroyers, with plans to later install them on the nuclear-powered submarines Australia will acquire under the AUKUS security pact with the US and UK.
Australia will be just one of three countries to acquire them, after the two chief allies.
Air Vice-Marshal Gerry van Leeuwen said Australia would also become part of the "evolution" of the missile.
"This is a significant leap forward for the Royal Australian Navy in terms of our deterrence and long-range strike capabilities," he said.
Air Vice-Marshal van Leeuwen said there were plans to start domestic manufacture of missiles by 2025.
As part of the purchase, the air force will acquire more than 60 advanced anti-radiation guided missiles - extended range (AARGM-ER) - from the US under a $431 million spend.
More than $50 million will also be invested to arm the army’s Boxer combat reconnaissance vehicles with Spike anti-tank guided missiles.
The US State Department approved the sale of up to 220 Tomahawk cruise missiles to Australia in March, saying it was "vital to the US national interest to assist our ally in developing and maintaining a strong and ready self-defence capability".
Defence Minister Richard Marles said Russia's invasion of Ukraine demonstrated the importance of war stocks and a domestic missile manufacturing industry.
"We are investing in the capabilities our defence force needs to hold our adversaries at risk further from our shores and keep Australians safe in the complex and uncertain world in which we live today," he said.
Opposition defence industry spokesman Luke Howarth said the announcement should be followed by a plan to outline how the government will build stocks of Australian-made munitions.
"The coalition calls on the government to immediately outline a strategy to engage and invest into the domestic defence manufacturing instead of relying only on international partnerships," he said.
The defence strategic review recommended options for boosting munitions stocks should be provided to the government by the second quarter of 2024.
