Federal budget squirrels away $30bn to lift defence funding over decade

A mockup image of an Aukus submarine. The federal government plans to lift defence spending, but most of the increase is in near the end of the decade. Photograph: BAE/PA

The federal government has squirrelled away more than $30bn to lift defence funding over the coming decade, as the Aukus project helps drive spending increases.

Defence funding as a share of the economy is expected to grow from 2.04% now to 2.3% in a decade’s time.