Australia will boost its annual defence spending by an average of 0.15 per cent of GDP annually for 30 years to cover the cost of nuclear-powered submarines.
Australia will boost its annual defence spending by an average of 0.15 per cent of GDP annually for 30 years to cover the acquisition, construction and operation ofHowever, the bulk of the cost will largely be borne by future governments.
Similarly, the $50-58 billion medium term cost will be reduced by $24 billion that will not be spent on the French subs.Details of the AUKUS program, launched in San Diego California on Tuesday morning, AEST, by the leaders of Australia, the United States, and the United Kingdom, confirm Australia’s acquisition of nuclear-powered submarines will be stepped up in three phases culminating in the domestic production of eight vessels starting in 2042.
In preparation, work will begin immediately in South Australia, Western Australia and the United States.Of the $9 billion over the forward estimates, about $2.5 billion will be given to the US to enable it to step up the production of the Virginia Class subs to ensure Australia can buy second-hand subs next decade. This is vital to get approval from Congress to sell Australia Virginia Class submarines. Another $500 million will go to the UK to cover its costs.
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