Australia Unveils Record $37 Bn Defence Budget
The figure equates to 2.02 per cent of gross domestic product and represents a 6.3 per cent increase from last year
Australia will spend a record USD 36.8 billion on defence during the next fiscal year, according to budget documents unveiled on 14 May.
The figure equates to 2.02 per cent of gross domestic product and represents a 6.3 per cent increase from last year.
Australia’s national defence strategy released last month, promised a significant increase in spending, but that does not start until 2027-2028, when defence expenditure is slated to reach about USD 44.87 billion.
Beyond that, the government still has a ways to go to hit its defence spending goal of USD 66.59 billion by 2033-2034, which would be 2.3 per cent of GDP.
In this latest budget release for the 2024-2025, the government has set aside USD 11.12 billion for equipment acquisitions in the coming fiscal year, plus another USD 11.45 billion to sustain existing assets.
The Navy receives a significant allocation of USD 7.12 billion. Nuclear-powered submarines are starting to consume an enormous portion of the budget as the trilateral AUKUS agreement progresses.
_20240625134358_original_image_31.webp)
_20240625112314_original_image_1.webp)
