Australian entrepreneurs and investors looking to strike it rich in the defence sector say Europe’s push to rearm itself and reduce dependence on the United States military is shaping up as a potential goldmine.

A growing band of Australia’s defence tech start-ups need to find export opportunities to survive, and are vying for a slice of the €800 billion ($1.4 trillion) the European Union intends to commit, as part of its announced ReArm Europe Plan 2030.