Macquarie is among Australian funds, including superannuation funds, benefiting from heightened tensions around the world over the past year, with almost $1 billion in investments tied to major US defence companies.

In the latest flashpoint, Australia is ramping up its involvement in a multinational strike in the Middle East, with the government on Monday agreeing to a US request to provide planes and personnel for a military operation.

Macquarie Bank is among the Australian funds benefiting from heightened tensions in the world. Credit:Jim Rice

Shares in the world's biggest publicly listed arms producers and military service providers have benefited in a year in which global conflict zones have risen, raising questions about whether Australian superannuation funds should continue to profit from global tragedies.

Stock price data on the top 12 listed global armament companies, based on a list by the Stockholm International Peace Research Institute (SIPRI), show a share price rise of 30 per cent on average since last September.