Despite a worsening strategic outlook, there is no major growth defence spending, which will closely track the 2pc of GDP benchmark over the next four years.
Establishing the bureaucracy and training 4000 highly skilled workers to support Australia’s acquisition of nuclear-powered submarines will cost at least $4.5 billion over a decade, as overall annual defence spending creeps past $50 billion for the first time in 2023-24.confirms defence spending will stick closely to the 2 per cent of gross domestic product benchmark over the forward estimates.
Defence Industry Minister Pat Conroy said the government was creating local defence jobs as well as lifting the military’s capability. The budget papers reveal the government’s early steps to fund the mammoth AUKUS nuclear-powered submarine endeavour, which will cost $9 billion over the forward estimates, $50-58 billion over 10 years and up to $368 billion to the mid-2050s.A new Australian Submarine Agency to manage the program will cost taxpayers $4.2 billion over a decade, and $483 million each year after that.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Three things with Jenny Brockie: ‘Despite looking slightly sinister it works a treat’In our weekly interview about objects, the longtime journalist shares the devastating story of a family item she lost – and the ones she treasures today
Read more »
Fergie joins ex-husband at concert despite no coronation inviteThe mother of Princess Eugenie and Princess Beatrice scored a seat in the royal box to watch the coronation concert, despite being brushed from the King's official ceremony which welcomed more than 2,000 guests.
Read more »
Surplus ‘very tiny’ despite favourable economic conditionsThe budget surplus is “very tiny” despite commodity prices and company taxes being very high, says The Motley Fool Chief Investment Officer Scott Phillips. “It should be a drover’s dog surplus,” Mr Phillips told Sky News Australia. “The drover’s dog should be bringing in 10, 20, 30, 40, 50 billion dollars worth of surpluses – not a measly $4 billion. “It is simply unsustainable.”
Read more »
'It has to be done': FIFA defends Women's World Cup unbundling, despite broadcaster tensionsFootball's governing body has criticised European broadcasters for offering '100 times less' for the women's tournament, but says unbundling is still necessary.
Read more »
Liberals to plough ahead with Deeming expulsion vote, despite warning of ‘messy legal dispute’The Victorian Liberals will forge ahead with a vote to expel Moira Deeming from the parliamentary party despite a shadow minister saying it risked “a very messy legal dispute” and should be cancelled.
Read more »
Future Fund may like stock pickers but they often lose for rest of usDespite increasing hype around active fund managers, it’s worth retail investors looking at their performance relative to benchmarks.
Read more »