A total of 23 Australian companies are supplying components for Lockheed Martin's F-35 Lightning II fighters with contracts totaling $344.6 million.

The Australian Department of Defense said it estimates more than $1 billion in contracts for F-35 work could be achieved during the life of the F-35 program.

"Defense is working with Australian industry to maximize the potential economic benefit of this program," said Alison Petchell, Australia's Joint Strike Fighter Division Director of Strategy and Industry. "To enable great outcomes for industry, we are striving to increase participation of Australian companies who can provide tailored solutions to meet the specific needs of the JSF program."

One Australian company involved is F-35 work is Marand, which provides vertical tail components for the F-35 aircraft which are being built at Lockheed Martin's manufacturing plant in Fort Worth, Texas, the Department of Defense said.

"It is wonderful to see our vertical tails on a finished F-35," said Marand Chief Executive Officer Rohan Stocker. "I am very proud of the team at Marand and thankful for the support of our customers BAE Systems and Lockheed Martin. "We have had F-35 contracts every year since 2002, in no small part due to the support of Australia's JSF Division and the wider Defense organization."

BAE Systems Australia, meanwhile, is providing titanium components for the aircraft.