Australian authorities intend to increase military budget

By Alimat Aliyeva

The Australian authorities will increase spending on the production of weapons and strengthening the combat capability of the armed forces to 2.3% of GDP by 2034, Azernews reports.

According to him, quoted by the press service of the defense Ministry, the federal budget for 2024-2025 (to be approved by Parliament before July 1) "provides for an increase in funding for the Ministry of Defense by more than 50 billion Australian dollars ($ 33.2 billion) until 2034."

"This will ensure the overall growth of Australia's defense spending to more than 2.3% of GDP in the next 10 years and will help create a combat-ready armed forces that will ensure the country's security in the future," Marles said, noting that the total amount of funding provided for the Australian Armed Forces for the next 10 years will exceed 764.6 billion Australian dollars dollars ($507.7 billion).

The minister said that within the framework of the defense budget for the 2024-2025 fiscal year, additional funds will be directed, among other things, to the development and modernization of the surface combat fleet ($7.3 billion), strengthening air defense systems ($665 million) and creating new jobs for the defense industry and the army ($197 million). Financing of "international military support" is also provided, within the framework of which 144.3 million Australian dollars ($96 million) are planned to be allocated for additional military support to Ukraine.

According to the State Treasury, the Australian defense budget (including the cost of maintaining the Ministry of Defense and the National Directorate of Special Communications, which is part of its structure) in the 2023-2024 financial year is 52.6 billion Australian dollars (about $35 billion), which is 2.1% of GDP.