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 >
Soundcore Launches Reliable Energy Partners with the Acquisition of Florida Lift Gas and Appointment of Sean Daugherty as CEO
Soundcore Launches Reliable Energy Partners with the Acquisition of Florida Lift Gas and Appointment of Sean Daugherty as CEO
Nov 12, 2025
NEW YORK, Nov. 12, 2025 /PRNewswire/ -- Soundcore Capital Partners, LP (Soundcore), a New York-based private equity firm, is pleased to announce the formation of Reliable Energy Partners (Reliable), a growth platform targeting residential and commercial customers in the highly fragmented propane distribution sector, through its investment in Florida Lift Gas (FLG). FLG is a leading propane distributor, with locations in Tampa...
Crown Unit Launches Up to $350 Million Cash Tender Offer
Crown Unit Launches Up to $350 Million Cash Tender Offer
Nov 12, 2025
10:00 AM EST, 11/12/2025 (MT Newswires) -- Crown (CCK) said Wednesday its subsidiary Crown Cork & Seal has launched a cash tender offer to purchase its $350 million 7 3/8% debentures due 2026. The offer will expire at 5 p.m. ET on Nov. 18, unless extended. Crown said the purchase price plus accrued and unpaid interest will be paid in...
US airline flight cancellations fall as air traffic absences shrink
US airline flight cancellations fall as air traffic absences shrink
Nov 12, 2025
WASHINGTON, Nov 12 (Reuters) - U.S. flight cancellations have fallen sharply over the last day as air traffic control absences have shrunk just hours before the House of Representatives is set to vote on a bill Wednesday to end a record-setting government shutdown. Airlines in the United States have canceled nearly 900 flights Wednesday -- the lowest in six days...
Toyota opens US battery plant, confirms up to $10 billion investment plan
Toyota opens US battery plant, confirms up to $10 billion investment plan
Nov 12, 2025
(Reuters) -Toyota Motor ( TM ) on Wednesday said it had begun production at its $13.9 billion North Carolina battery plant and confirmed it plans to invest up to $10 billion over five years in the United States. The Japanese automaker first announced the plan in December 2021 to produce batteries for its hybrid and electric vehicles. Toyota said batteries...
Copyright 2023-2026 - www.financetom.com All Rights Reserved