Diplomatic relations between Canada and Australia have existed for almost 75 years. The two countries share a colonial past with the British Empire and have similar political structures, and their militaries have been in the same locations on a number of occasions, most recently in Afghanistan. This paper explores the issue of whether or not there are opportunities for Canada and Australia to cooperate in the areas of defence procurement and the defence industrial base. The two nations face similar challenges with respect to funding their armed forces and providing the military capabilities that will be required to deal with the future security environment. After examining the procurement processes utilized in each nation and discussing how they interact with their defence industries, some recommendations are provided on areas where cooperation between the two nations could be possible.