Australian Defence Budget on Track to Meet 2% GDP Target
10 Mei 2018
HMAS Brisbane 41, Hobart class - Air Warfare Destroyer (photo : AusAWD)
Australia’s defence spending for fiscal year (FY) 2018/19 will rise by AUD1.2 billion (USD900 million) or 1.4% to AUD36.4 billion, the government announced in its annual budget statement on 8 May.
Expenditure as a share of gross domestic product (GDP) will reach 1.9%: broadly in line with the government’s target of defence funding reaching 2% of GDP in FY 2020/21.
Funding over the forward estimates – the three years beyond the new budget – will total AUD160.7 billion, with the 2020/21 estimate set at AUD41.2 billion.
In a joint statement Defence Minister Marise Payne and Minister for Defence Industry Christopher Pyne said that the budget continues to deliver on the long-term plans set out in the 2016 Defence White Paper to secure Australia’s interests in the coming decades, despite growing global uncertainty and complexity.
(Jane's)
Australia’s defence spending for fiscal year (FY) 2018/19 will rise by AUD1.2 billion (USD900 million) or 1.4% to AUD36.4 billion, the government announced in its annual budget statement on 8 May.
Expenditure as a share of gross domestic product (GDP) will reach 1.9%: broadly in line with the government’s target of defence funding reaching 2% of GDP in FY 2020/21.
Funding over the forward estimates – the three years beyond the new budget – will total AUD160.7 billion, with the 2020/21 estimate set at AUD41.2 billion.
In a joint statement Defence Minister Marise Payne and Minister for Defence Industry Christopher Pyne said that the budget continues to deliver on the long-term plans set out in the 2016 Defence White Paper to secure Australia’s interests in the coming decades, despite growing global uncertainty and complexity.
(Jane's)
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