Plans to build new armoured vehicles in Australia for the army will be slashed to pay for new missiles and stronger cybersecurity, after a major military review uncovered a $42 billion budget hole.
Plans to build new armoured vehicles in Australia for the army will be gutted to pay for new missiles andafter a major military review uncovered a $42 billion budget hole and warned of “difficult” trade-offs for defence spending.
The cash crisis facing Defence comes after the government this week confirmed a budget blowout in aged care of almost $4.8 billion this year alone and promised to reboot the National Disability Insurance Scheme to confront its spiralling costs, which have hit $35 billion a year. “The Prime Minister’s attendance at this year’s NATO Leaders’ Summit will be an important opportunity to reinforce Australia’s support for these global norms, demonstrate solidarity in response to Russia’s illegal and immoral invasion of Ukraine, and advocate for Australia’s economic, climate and trade agenda,” a spokeswoman for Mr Albanese said.
The review has looked at the location and make-up of Australian military forces and the weapons they use. It is expected to recommend boosting long-range strike capability, including building up missile stockpiles and expanding the Defence Force’s ability to conduct maritime operations, which is likely to involve new warships for the navy. A significant ramping up of money for drones is also expected.
However, the review has recommended speeding up and expanding the acquisition of new landing craft for soldiers to conduct amphibious operations, as well as land-based missiles to strike naval targets. At the start of the review period in August last year, Defence’s acquisitions budget was “over-programmed” by 24 per cent over the forward estimates – in other words, the department had no money for a fifth of what it wanted to buy.
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