Australian budget: Historic defense spending, plus AU$1.2B on US-made missiles

May 10, 2023

Breaking Defense:

Today’s rollout of the Australian budget shows the Australian Defence Force has big plans to buy US-made long-range strike capabilities, as Canberra pursues a strategy to deny an adversary easy access to Australia’s area of interest.

Overall, the defense budget for the next year is set at AU$52.588 billion (US$35 billion), the first time funding has exceeded AU$50 billion. That amounts to 2.04 percent of Gross Domestic Product (GDP). Defense spending of two percent of national GDP is an imperfect but widely used benchmark for the adequacy of a nation’s commitment to national defense.

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Curtis Stiles - Chief of Staff