Australia will be armed with long-range missiles under a 10-year plan to upgrade the capability and potency of the Australian Defence Force, said Prime Minister Scott Morrison said.

At the Australian Defence Force Academy on Wednesday, Morrison revealed the 2020 Defence Strategic Update, and warned of a "poorer, more dangerous and more disorderly" world in the wake of the coronavirus pandemic, Xinhua news agency reported.

He committed to spending 270 billion Australian dollars (about US $186 billion) over the next decade, which will expand the plans to acquire sophisticated maritime long-range missiles, air-launched strike and anti-ship weapons, as well as additional land-based weapons.

It represents a significant increase in funding from the 195 billion Australian dollars (US $134.5 billion) committed in the decade following the 2016 Defence White Paper.

"This is the first in a long-term plan to procure advanced longer-range strike weapon systems for our combat aircraft to allow Air Force to operate at greater range and avoid increasingly sophisticated air defences," said Morrison and Minister for Defence Linda Reynolds in a media release.