Australia’s defence spending for fiscal year (FY) 2019–20 will rise by AUD2.3 billion (USD1.6 billion) to AUD38.7 billion, the government announced in its annual budget statement on 2 April.
Expenditure as a share of gross domestic product (GDP) will reach 1.93%, 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 fiscal years beyond the new budget – will total AUD136 billion, with the estimate for 2022–23 set at AUD48.7 billion.
Defence Minister Christopher Pyne said in a statement that the budget is designed to continue strong investment in Australia’s national security, building defence capability and supporting Australia’s sovereign defence industry.
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