More than 30 projects will be cut to save $7.8 billion and help fund a $19 billion increase in defence spending over the next four years.
It recommends defence force be more focused on maritime and amphibious missionsDefence spending will rise above 2 per cent of GDP over the next decade
“The full cost of the review recommendations will not be able to be fully quantified until Defence has analysed the capability recommendations in the Review and costed them,” it says., along with interest payments on debt, the NDIS, health and aged care.To accommodate the review recommendations, the defence budget, currently $48 billion a year, will require $19 billion over the next four years, all of which will be offset by cuts elsewhere in defence.
“Defence spending is about managing strategic risk. Defence spending must be a reflection of the strategic circumstances our nation faces,” it says. This included $7.9 billion for cybersecurity, $32.2 billion for missiles, and $1.9 billion in AUKUS spending.That project will cost $9 billion over the next four years, all of which has been offset by savings elsewhere in Defence. AUKUS will cost $58 billion over the first 10 years and between $268 billion and $368 billion over 30 years.The review says the strategic risks for Australia are “radically different” to any of the past, including the Cold War.
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