Prime Minister Malcolm Turnbull has officially welcomed the cutting edge Joint Strike Fighter (JSF) to Australia, as new government-commissioned research predicts the controversial program could deliver up to 5,000 jobs.

Key points: Two Joint Strike Fighters flown for first time by RAAF pilots this week

Two Joint Strike Fighters flown for first time by RAAF pilots this week Debut comes 15 years after Government announced Australia would participate in program

Debut comes 15 years after Government announced Australia would participate in program The Government is preparing to spend $17 billion on 72 F-35 aircraft

After years of delays and controversy, Australia's first F-35s have made their public debut at the Avalon Air Show, where plane enthusiasts were able to get an up-close look at the fifth generation fighters.

The two Joint Strike Fighters are currently based at Luke Air Force Base in the United States, but were flown to Australia for the first time by Royal Australian Air Force (RAAF) pilots on Monday.

Their debut in Australia comes 15 years after the Federal Government first announced Australia would participate in the "system development and demonstration phase" of the US-led Lockheed Martin Joint Strike Fighter program.

On Friday morning, VIPs including Mr Turnbull, Defence Minister Marise Payne, Defence Industry Minister Christopher Pyne and Lockheed Martin CEO Marillyn Hewson helped welcome the F-35s to Australia.

Mr Turnbull paid tribute to Australian Defence technology used to build the Joint Strike Fighters.

"It is an example of how our Defence industry plan is not simply securing our Air Force and our Army and our Navy with the capabilities they need to keep us safe in the 21st century," he said.

"But it is driving the advanced manufacturing, the jobs, the advanced technology that Australians need to make sure our children and grandchildren have the opportunities in the years ahead."

Joint Strike Fighter to conduct air combat 'previously beyond our scope'

Defence Minister Marise Payne said the F-35s were "game-changing" for the RAAF.

"They will provide the air force with the ability to execute air combat missions which were previously beyond our scope. In fact, not too long ago, previously beyond our imagination," she said.

"The F-35 has stealth built into it, right from the start. Its fuel tanks, its weapons and sensors are on the inside of the aircraft.

"They can share information with other aircraft, including the Army, the Navy and those of our allies and coalition partners."

Accounting firm PricewaterhouseCoopers has examined the economic impact of the jet's production and maintenance program and predicts the number of jobs generated will double to 5,000 by 2023.

The Government is preparing to spend $17 billion on 72 F-35 aircraft, with the first expected to be delivered to Australia in 2018 and enter service in 2020.

This week the head of the US-led JSF program, Lieutenant General Chris Bogdan, said Australia could eventually expect to pay under $106 million for each F-35 as the cost of the aircraft continues to fall.