Treasurer Jim Chalmers has flagged a major investment in Australia’s military capabilities, as the government eyes a re-emerging Chinese economy to help fuel the budget.
The Labor Government has committed to continuing its predecessor’s historic defence spending as Australia bolsters its military capabilities.
Stream more on politics with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free. Offer ends 31 October, 2023 “And that is before we factor in the government’s coming decision on submarines and the Defence Strategic Review so we expect defence spending in the budget to grow very strongly.
The government allocated $48.7 billion to defence in the October budget or just shy of 2 per cent of Australia’s GDP. The landmark report, headed by former defence minister Stephen Smith and former Chief of the Defence Force Sir Angus Houston, will be handed down in March and will likely coincide with the announcement of the submarine deal through AUKUS.
“We need to be upfront with people on what we can afford and how we make the investments we want to make in some of these areas sustainable over time,” he said.
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