Australia is to increase defence spending by more than A$50bn (US$32bn) over the next decade as it prepares its military forces to be able to “resist coercion” that may arise in the Indo-Pacific.The spending on the Australia-UK-US security pact known as Aukus, the country’s naval surface fleet, long-range missile capability and an enlarged military force will increase the defence budget as a proportion of gross domestic product from 2 per cent to 2.4 per cent by 2034, the government said.
Australia committed to an overhaul of its defence strategy in 2023, citing China’s military build-up and the rise of tensions between the US and China in the Indo-Pacific.
The new figures represent the country’s biggest defence commitment for decades, said Richard Marles, defence minister. “There is now one job at hand: transforming our future capability such that Australia can resist coercion and maintain our way of life in a much less certain region and world,” he said.