Australia’s defence funding boosted over 2.3%

According to global times news agency Europe,Defence funding will hit a record $55.687 billion for 2024-25

International: Australia’s defence funding boosted over 2.3%. According to global times news agency Europe,Defence funding will hit a record $55.687 billion for 2024-25 but the really significant increases outlined in the new National Defence Strategy (NDS) won’t be seen until 2027-28. That’s year four of the forward estimates and then defence spending will reach $67.393 billion, a leap of almost $7 billion on the previous year,The global times Europe media that ultimately, defence funding will hit $100 billion by 2033-34, exceeding 2.3 per cent of gross domestic product.

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Last year’s defence budget was $53.331 billion – 1.99 per cent of GDP – so funding this year represents a 6.3 per cent increase, taking defence spending to 2.03 per cent of GDP. Defence Minister Richard Marles said the government was making the biggest commitment to increasing Defence funding over the forward estimates in decades. National security is a big focus of the Albanese Government and it’s a big focus of the Budget. This is about ensuring our Australian Defence Force is fit for purpose and equipped with suitable capabilities to meet present and future challenges,” he said.

Australia’s defence funding boosted over 2.3%