Government commits extra $50b for Defence
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The news: The Albanese government has committed an additional $50.3 billion over the decade for the Defence budget as part of an overhaul of the nation’s military strategy.
The numbers: Deputy Prime Minister and Defence Minister Richard Marles today announced the new National Defence Strategy and Integrated Investment Program (IIP), setting out how Defence will pay for a range of new capabilities including new frigates, long-range missiles and nuclear-powered submarines.
The new IIP has found $22.5 billion in savings over the next four years and $72.8 billion over the decade. The savings include $3 billion from delaying a decision about whether to proceed with a fourth squadron of Joint Strike Fighter, $10 billion from cutting infantry vehicles under the Land 400 program, $1.4 billion from delaying upgrades to defence buildings in Canberra, and $2 billion from cutting combat equipment such as tents.
It has also committed an additional $5.7 billion over the next four years and $50.3 billion over the decade. This will see Defence spending as a proportion of GDP increase to 2.4% by 2033-34.
The changes bring the projected Defence spending over the next decade to $330 billion.
The context: In an address to the National Press Club in Canberra on Wednesday, Marles revealed a plan to shift the Australian Defence Force from a “balanced” force to an “integrated, focused” force in the face of a growing and more aggressive China.
In February, the Albanese Government announced it would inject more than $11 billion over the next decade into Defence to help boost the Navy’s fleet of warships from 11 to 26 vessels.
What they said: "Australia no longer has the luxury of a 10-year window of strategic warning time for conflict,” Marles said in his speech.
“The National Defence Strategy observes that the combined effect of this has seen our strategic environment deteriorate over the last 12 months.
“Against this strategic backdrop, the National Defence Strategy emphasises the need for impactful projection that can enable a strategy of denial which in turn is capable of deterring a potential adversary from projecting force against Australia. This includes the capability to hold the military assets of an adversary at risk at greater distance from our shores.”
The source: Defence media release
