Australian Defense Minister Richard Marles announced today a significant increase in Australian defense funding, totaling $50 billion Australian dollars (equivalent to $32 billion USD) over the next ten years.
Marles stated that the spending package includes an additional $7.5 billion over the next four years, with an immediate injection of over $1 billion to accelerate the development of long-range missiles, targeting systems, fuel resilience, and robotic and autonomous systems.
The funding also encompasses the modernization of the Australian naval fleet with increased firepower and conventionally armed submarines, alongside efforts towards nuclear-powered submarines.
According to the Ministry of Defense, the army will be equipped for enhanced coastal maneuverability with the capability for long-range ground and naval strikes.
Meanwhile, the air force will see improved long-range surveillance and strike capabilities across land, sea, and air.
The strategy also includes enhanced and integrated space and electronic capabilities, including bolstering cyber and electronic warfare.
Marles stated in a release, "In times of complex challenges and increasing uncertainties, having a stronger, integrated, focused, and capable defense force is of utmost importance."
He emphasized that Canberra's primary focus is to underscore defense strength in the Asia-Pacific region, rather than solely protecting Australia's borders.
Total defense expenditure in Canberra is expected to reach $330 billion by 2033–2034. This includes initial costs for acquiring nuclear-powered submarines under the "AUKUS" alliance with the United States and Britain.
The government's increasing commitment to defense spending under the National Defense Strategy is set to raise defense expenditure to nearly 2% of gross domestic product by 2033–2034.
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