CANBERRA, Jan 5 (AFP) - Australia said on Thursday it would be investing more than A$1 billion ($684 million) to buy new naval missiles and a land-based, long-range, surface-to surface High Mobility Artillery Rocket System (HIMARS).

The Australian government said in a statement it had signed a contract with Kongsberg (KOG.OL) to deliver the Naval Strike Missile (NSM), which will be employed on the Hobart Class destroyers and Anzac Class frigates from 2024. It added it will also acquire the land-based, long-range, surface-to-surface HIMARS, which includes launchers, missiles and training rockets.

"In the current strategic environment, it's important the Australian Defence Force is equipped with high-end, targeted military capabilities," Minister for Defence Richard Marles said in a statement.

He added that the level of technology involved in these acquisitions takes our forces to the cutting edge of modern military hardware.

The combined total investment in these new acquisitions is more than A$1 billion.