Australia’s defence spending for FY 2019–20 to rise by AUD2.3 billion

02 April 2019

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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