financetom
Business
financetom
/
Business
/
Australia to speed up $1 billion in defence spending in budget, says defence minister
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Australia to speed up $1 billion in defence spending in budget, says defence minister
Mar 23, 2025 7:23 PM

AVALON, March 24 (Reuters) - Australia will bring

forward A$1 billion in defence spending in Tuesday's federal

budget to boost its military capability, including guided

weapons manufacture, an AUKUS submarine base and a frigate

program, Defence Minister Richard Marles said on Monday.

Australia and other United States security allies are under

pressure from United States President Donald Trump to increase

defence spending.

Marles said the federal budget would contain an increase of

A$10.6 billion (US$6.66 billion) for defence over the next four

years, part of a previously announced A$50 billion boost over a

decade, which he said was the most significant increase in

defence spending since the end of the Second World War.

"Part of the A$10.6 billion sees bringing forward an

additional billion dollars and that is because of the need to

accelerate Australia's capability and development," Marles said

at the Avalon Air Show in Victoria.

"This will see us have ready HMAS Stirling, the Henderson

Defence Precinct for the establishment of the Submarine

Rotational Force West. This will see us move forward at a faster

pace in establishing the Guided Weapons and Explosives

Enterprise," he added.

Up to four United States and one British-commanded

nuclear-powered submarines will rotate through Australia's

biggest naval base, HMAS Stirling in Western Australia, from

2027 under AUKUS.

The earlier spending will also accelerate the purchase of a

frigate into the service fleet this decade, he said.

On Monday, Australia said it had received the first two of

42 High Mobility Artillery Rocket Systems (HIMARS) launcher

vehicles ordered from Lockheed Martin ( LMT ), while the

manufacture of guided multiple launch rocket systems (GMLRS)

would begin in Australia this year.

($1 = 1.5916 Australian dollars)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US transportation chief to meet with Boeing on safety efforts
US transportation chief to meet with Boeing on safety efforts
Mar 10, 2025
WASHINGTON, March 10 (Reuters) - U.S. Transportation Secretary Sean Duffy plans to visit a Boeing ( BA ) factory on Thursday in Washington State to ensure the U.S. planemaker is maintaining the highest level of safety. Duffy is traveling Seattle with acting FAA Administrator Chris Rocheleau as the Trump administration has vowed stringent oversight of Boeing ( BA ) following...
US transportation chief to meet with Boeing on safety efforts
US transportation chief to meet with Boeing on safety efforts
Mar 10, 2025
WASHINGTON (Reuters) - U.S. Transportation Secretary Sean Duffy plans to visit a Boeing ( BA ) factory on Thursday in Washington State to ensure the U.S. planemaker is maintaining the highest level of safety. Duffy is traveling Seattle with acting FAA Administrator Chris Rocheleau as the Trump administration has vowed stringent oversight of Boeing ( BA ) following a January...
Star in talks with Salter Brothers for up to $589 million refinancing
Star in talks with Salter Brothers for up to $589 million refinancing
Mar 10, 2025
(Reuters) - Star Entertainment has opened its books to property funds manager, Salter Brothers, to potentially refinance all the embattled casino firm's debt through an up to A$940 million ($589.47 million) refinancing package. The Australian firm previously indicated that an unnamed party had offered as much as A$940 million in refinancing earlier in the month, but had not provided any...
TXNM Energy explores sale after takeover interest, Bloomberg News reports
TXNM Energy explores sale after takeover interest, Bloomberg News reports
Mar 10, 2025
March 10 (Reuters) - TXNM Energy ( TXNM ) is exploring a sale after receiving takeover interest from a potential suitor, Bloomberg News reported on Monday, citing people familiar with the matter. The energy holding company is working with an adviser to assess its options and the deliberations are in preliminary stages, the report said. TXNM did not immediately respond...
Copyright 2023-2026 - www.financetom.com All Rights Reserved