Australia to Increase Defence Spending by $53 Billion Over Next Decade
Labor to boost defence spending by $53bn over next decade – but plan still short of Donald Trump’s demands
The Guardian
Image: The Guardian
The Australian government, led by the Labor party, plans to boost defence spending by $53 billion over the next decade, aiming to enhance military capabilities. Despite this increase, the spending will still fall short of the 3.5% of GDP target set by US President Donald Trump, with projections of 2.3% to 2.4% by 2033.
- 01Labor's defence spending will increase by $53 billion over the next decade.
- 02The new strategy aims to raise military spending to 2.3-2.4% of GDP by 2033.
- 03Private capital will be utilized for funding new military capabilities.
- 04The government plans to invest $368 billion in the Aukus nuclear submarine agreement.
- 05An additional $2-5 billion will be allocated for drones, prioritizing local manufacturing.
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The Australian government will invest an additional $53 billion in defence over the next decade, as outlined in the upcoming national defence strategy to be presented by Defence Minister Richard Marles. This strategy includes a $14 billion boost to the current budget over the next four years and aims to enhance military capabilities through private capital investments. Despite these efforts, the spending will only reach about 2.3% to 2.4% of GDP by 2033, falling short of the 3.5% target set by US President Donald Trump. Marles emphasizes the need for a robust defence strategy in light of increasingly complex global threats, stating that Australia faces its most significant strategic challenges since World War II. The government plans to leverage private financing for major projects, including a $368 billion commitment to the Aukus nuclear submarine agreement with the US and the UK. Additionally, between $2 billion and $5 billion will be allocated for drone capabilities, focusing on local manufacturing to enhance national security.
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The increased defence spending aims to enhance Australia's military capabilities, which could lead to more jobs in the defence sector and local manufacturing. However, this may also result in budget reallocations affecting other areas, such as the National Disability Insurance Scheme (NDIS).
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