BLUF

The Australian federal budget significantly increases defence funding, aligning with the new National Defence Strategy and Integrated Investment Plan.

Summary

  1. $718 billion over the next decade.
  2. $96.5 billion by 2032-33, up 17.1 percent.
  3. Additional $1.7 billion for shipbuilding over the next four years.
  4. Annual average increase of 6.6 percent, surpassing inflation rates.
  5. 2.3 percent of GDP by 2033-34.
READ: Budget: 10-year defence spending up 11 percent from 2022 plan

References