Australia's spy chief has sounded the alarm over threats posed by Chinese and other foreign espionage in Australia .

ASIO's Director-General Mike Burgess warned China has been conducting espionage and other disruptive efforts within the country to target communications networks, he told an Australian Securities and Investments Commission (ASIC) forum in Melbourne this morning.

Referencing two Chinese hacking groups called Salt Typhoon and Volt Typhoon, he said espionage had cost the economy $12.5 billion in the 2023-24 financial year, but that the impacts could be far more wide-ranging.

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"These groups are hackers working for Chinese government intelligence and their military," he said.

"Both groups were involved in the theft of

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