Taxpayers have been warned to brace for a massive increase in defence costs with Anthony Albanese saying he will spend whatever it takes.
Taxpayers have been warned to brace for a massive increase in defence costs with Anthony Albanese saying he will spend whatever it takes, and AUKUS architect Scott Morrison saying the defence budget will need to lift to 2.5 per cent of GDP, which is almost another $9 billion a year., the prime minister said the opposition and others should stop quibbling about revenue decisions such as the recent tax increase on superannuation accounts worth more than $3 million.
“We’ve been saying that consistently. And when people have had rather extraordinary headlines from time to time about small increases in revenue, they need to bear that in mind.”The price of the used submarines would be determined by the US State Department but would be less than the estimated $US6.2 billion to $US7.2 billion cost of new vessels.
Based on the current GDP figure of $2.2 trillion, that’s an annual increase of $8.8 billion in today’s dollars. The annual defence budget is already close to $50 billion and rising. In its last budget, delivered on March 29 last year, just before the election, the Coalition committed $10 billion towards building a naval base between Wollongong and Brisbane to accommodate nuclear subs, and upgrading the existing Indian Ocean submarine base in Stirling, Western Australia.
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