Author Topic: Budget 2018: Turnbull on track to meet defence targets  (Read 2060 times)

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Offline Dimsum

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2% of GDP by 2021.  Must be nice.

Malcolm Turnbull is on track to meet the target of lifting defence expenditure to 2 per cent of GDP by 2020-21 and will pour billions of dollars over the next 12 months into developing key air and land combat capabilities.

The government forecasts it will spend a total of $36.4 billion on defence in the coming financial year and $160.7bn over the forward estimates as it seeks to make good on its vision to develop a more potent and robust defence combat capability into the 21st century.

Senior Australian Strategic Policy Institute analyst Marcus Hellyer said there was a real increase in defence spending of 1.3 per cent on last year’s budget, but warned spending would need to lift dramatically over the next 24 months.

“The government is on track to achieve the 2 per cent of GDP target,” he said.

“However, over this year and next year it’s only a moderate increase in real terms. There will need to be a big jump from 2019-20 to hit 2 per cent in 2020-21.’’
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