Budget 2022: Defence spend on the up

by Callum Foote | Oct 28, 2022 | Lobbyland

Labor’s budget is projecting just over $38 billion to be spent on defence in 2022-23, increasing to $44.5 billion in 2025-26. 

These projections have not changed since the Coalition’s March budget and represent the third largest spend by the federal government, beaten by just education, health and social security and welfare.

According to ARENA, “In the decade to 2030, Australia will spend $575 billion on defence.” 

Labor has pledged to spend at least 2% of Australia’s GDP on defence. Spending as a share of GDP is expected to be 2.12% next financial year, followed by 2.11% in 2024-25 and 2.1% in 2025-26.

Two specific defence items also made the top 20 most expensive programs list, Defence Force superannuation at $10.5 billion and army capabilities at $7.6 billion.

AUKUS was a tough sell already, and now it seems local industry will miss out

Callum Foote was a reporter for Michael West Media for four years.

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