Australian Authorities Intend To Increase Military Budget
Date
5/15/2024 3:21:20 PM
(MENAFN- AzerNews) By Alimat Aliyeva
The Australian authorities will increase spending on theproduction of weapons and strengthening the combat capability ofthe armed forces to 2.3% of GDP by 2034, Azernews reports.
According to him, quoted by the press service of the defenseMinistry, the federal budget for 2024-2025 (to be approved byParliament before July 1) "provides for an increase in funding forthe Ministry of Defense by more than 50 billion Australian dollars($ 33.2 billion) until 2034."
"This will ensure the overall growth of Australia's defensespending to more than 2.3% of GDP in the next 10 years and willhelp create a combat-ready armed forces that will ensure thecountry's security in the future," Marles said, noting that thetotal amount of funding provided for the Australian Armed Forcesfor the next 10 years will exceed 764.6 billion Australian dollarsdollars ($507.7 billion).
The minister said that within the framework of the defensebudget for the 2024-2025 fiscal year, additional funds will bedirected, among other things, to the development and modernizationof the surface combat fleet ($7.3 billion), strengthening airdefense systems ($665 million) and creating new jobs for thedefense industry and the army ($197 million). Financing of"international military support" is also provided, within theframework of which 144.3 million Australian dollars ($96 million)are planned to be allocated for additional military support toUkraine.
According to the State Treasury, the Australian defense budget(including the cost of maintaining the Ministry of Defense and theNational Directorate of Special Communications, which is part ofits structure) in the 2023-2024 financial year is 52.6 billionAustralian dollars (about $35 billion), which is 2.1% of GDP.
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