Australia's spy chief has rung the alarm on state-backed espionage, naming China as a chief concern for its attempts to hack telecommunications and infrastructure.

However, ASIO director-general Mike Burgess said there were threats from even friendly nations given the "relentless hunger" for strategic advantage.

In a speech to corporate watchdog ASIC on Wednesday, Mike Burgess said Australia had entered a period of "strategic surprise and security fragility".

"Great power competition is driving unprecedented levels of espionage," he said of the US-China geostrategic contest for primacy."

An ASIO-Australian Institute of Criminology collaboration estimated the cost of espionage to the Australian economy at $12.5 billion in 2023-24.

Artificial intelligence is fuelling an increase in both

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