Australia's top intelligence chief has accused Chinese state-backed hackers of attempting to infiltrate the nation's critical infrastructure and telecommunications networks, warning that great-power competition is fuelling "unprecedented levels of espionage" that cost the economy an estimated $12.5 billion in 2023-24.

Addressing a business forum in Melbourne on Wednesday, ASIO director-general Mike Burgess said Australia had entered an era of "strategic surprise and security fragility" and was bracing for major disruption.

"I have previously said we're getting closer to the threshold for high-impact sabotage," Mr Burgess told an Australian Securities and Investments Commission (ASIC) forum in Melbourne on Wednesday.

"Well, I regret to inform you — we're there now."

Mr Burgess cited Chi

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