March 5, 2026 • Canberra, Australia
MIDDLE POWER STRATEGY: Carney and Albanese Forge Historic Defence Pact, Unleash $10 Billion IFM Investment in Joint Bid to Counter Global Threats - Full Infograph Inside
In a landmark visit marking the first bilateral trip by a Canadian Prime Minister to Australia in nearly two decades, Prime Minister Mark Carney and Prime Minister Anthony Albanese signed a series of transformative agreements. The new partnerships will see Australia join the G7 Critical Minerals Alliance, launch a Clean Energy Partnership, and deepen defence cooperation including the training of Canadian Forces on Over-the-Horizon Radar technology to secure the Arctic. The leaders also announced negotiations to modernize the tax treaty and welcomed a massive $10 billion investment commitment from Australian pension fund IFM into Canada.
📝 SMikhail
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2008
Last Bilateral Visit
This was the first official bilateral visit by a Canadian Prime Minister to Australia in nearly two decades.
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$7.8B
Bilateral Goods Trade (2025)
Bilateral goods trade between Canada and Australia totalled $7.8 billion in 2025.
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$4.6B
Bilateral Services Trade (2025)
Bilateral services trade between Canada and Australia was valued at $4.6 billion in 2025.
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$58.8B
Canadian Direct Investment in Australia (2024)
In 2024, Australia was the largest destination in the Indo-Pacific for Canadian direct investment, which totalled $58.8 billion.
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$27B
Australian Direct Investment in Canada (2024)
Australia's direct investment into Canada reached $27 billion in 2024.
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1986
Consular Agreement Anniversary
Leaders welcomed the 40th anniversary of the pioneering Canada-Australia Consular Services Sharing Arrangement.
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May 2026
10th Economic Leadership Forum
The 10th iteration of the Australia-Canada Economic Leadership Forum will be held in Vancouver in May 2026.
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$10B
IFM Investment in Canada
Industry Funds Management (IFM) announced their intention to invest up to $10 billion in Canada.
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15M
Pandemic Vaccine Doses
A renewed contract will deliver up to 15 million doses of influenza vaccine from CSL's facility in Victoria, Australia to Canada in the event of a pandemic.
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Mid-2026
A-OTHR Training Start
Training of Canadian Armed Forces personnel on the Arctic Over-the-Horizon Radar system will begin in Australia in mid-2026.
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$1T
Canadian Investment Target
The agreements support Canada's mission to mobilize $1 trillion in total investments over the next five years.
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Nov 2025
Critical Minerals Declaration
The Joint Declaration of Intent on Critical Minerals Cooperation was signed in November 2025.
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595M
CPTPP Consumers
Canada and Australia are both members of the CPTPP, a free trade agreement representing 595 million consumers.
- Leaders agreed to establish a biennial Defence Ministers' Meeting supported by regular senior officials' talks.
- Australia and Canada will collaborate on developing Over-the-Horizon Radar (OTHR) technology for an Arctic-OTHR system in Canada, leveraging Australia's JORN technology.
- Training of Canadian operators on the radar system will begin in Australia in mid-2026.
- Leaders agreed to initiate discussions on establishing a Status of Forces Agreement to facilitate the movement of defence personnel and equipment.
- Both countries committed to exploring mutually beneficial options for defence industrial collaboration, including on advanced military capabilities and defence trade.
- Prime Minister Carney confirmed Australia has joined the G7 Critical Minerals Production Alliance, an initiative launched under Canada's G7 Presidency.
- Resources Ministers will meet annually to drive progress under the Joint Declaration of Intent on Critical Minerals Cooperation signed in November 2025.
- A Canada-Australia Mining Skills Exchange Pilot will be developed with industry, academic, and government partners.
- Collaboration will focus on critical minerals investments, standards, and coordination between Australia's Critical Minerals Strategic Reserve and Canada's Critical Minerals Sovereign Fund.
- Leaders agreed to establish formal, regular talks between economic portfolio Ministers, including the Australian Treasurer and Canadian Minister for Finance.
- A Memorandum of Understanding between IFM, Canadian Pension funds, and Australian Superannuation Funds was signed in Sydney on March 4, 2026.
- IFM announced its intention to invest up to $10 billion in Canada.
- Australia extended an invitation to a senior delegation of Australian Superannuation Funds to visit Canada in 2026.
- Leaders committed to modernising the Australia-Canada Tax Treaty to facilitate greater investment and agreed to prioritise negotiations.
- Leaders launched a new Australia-Canada Clean Energy Partnership to unlock trade and investment in clean energy sectors, scale-up technologies, and modernise electricity grids.
- AI Safety Institutes from both countries signed a new MOU to deepen information exchange and advance AI evaluation and mitigation.
- A trilateral Australia-Canada-India MOU on Cooperation in Technology and Innovation was signed to advance practical cooperation in AI and digital technologies.
- Leaders agreed to develop a joint workplan under the Australia-Canada-India Technology and Innovation (ACITI) Partnership.
- A renewed preparedness contract between the Public Health Agency of Canada and CSL Seqirus will deliver up to 15 million doses of cell-based adjuvanted influenza vaccine from CSL's manufacturing facility in Victoria, Australia in the event of an influenza pandemic.
- The contract demonstrates collaboration supporting health security, economic security, and supply chain resilience.
- Leaders committed to promoting cooperation between regulators to facilitate access to safe agricultural inputs, leveraging each country's environmental and health assessments.
- They agreed to explore opportunities for enhanced regulatory cooperation across sectors of mutual interest.
- Leaders agreed to reinvigorate the Canada-Australia Public Policy Initiative to foster exchanges on government modernisation, social cohesion, and online harm.
- A Joint Declaration of Intent between Australia's NEMA and Public Safety Canada elevates the existing MOU on emergency management and disaster risk reduction.
KEY QUOTES
"Canada and Australia are more than friends – we are family, with shared histories, values, and cultures. As Canada forges new partnerships and coalitions abroad, Australia is a natural partner in this mission. By working closely together in energy, critical minerals, investment, defence, and AI to move faster in these endeavours, we will create more opportunities for our peoples." - Prime Minister Mark Carney
"The close and longstanding friendship between Australia and Canada is a solid foundation for enhanced strategic collaboration as we seek to promote and protect our national interests in a complex global environment." - Joint Statement by Prime Ministers Carney and Albanese
"Building strong domestic economies, underpinned by fair, open and predictable global trade, is fundamental to enabling greater prosperity for both countries." - Joint Statement by Prime Ministers Carney and Albanese
"Leaders noted unprecedented challenges to global economic frameworks that have underpinned our common prosperity for decades. Leaders tasked their Ministers to work closely together and with others to address these challenges." - Joint Statement
Mark Carney
Anthony Albanese
Canada-Australia relations
critical minerals
G7 Critical Minerals Production Alliance
defence cooperation
Over-the-Horizon Radar
Arctic security
NORAD
clean energy partnership
artificial intelligence
AI safety
IFM investment
pension funds
tax treaty
Indo-Pacific strategy
emergency management
pandemic preparedness
CSL Seqirus
trade and investment
AUKIM
status of forces agreement
Australia-Canada Economic Leadership Forum
joint declaration