Government to spend another $50 billion in defence funding over the next decade

The Albanese government will spend another $50 billion overall on defence over the next decade but also cut $73 billion from existing projects. That is to pay for modernising the defence force and the expensive nuclear submarines. The additional defence spending will go to the Navy surface fleet, long-range strikes, and investment program. Labor will invest $5.7 billion over the next four years and $50.3 billion over the next decade in additional defence funding. The government’s increase in funding will see defence spending as a proportion of GDP increase to 2.4 per cent by 2033-34.