Both Labor and the Coalition are considering an increase to defence spending ahead of the federal election.
Defence spending is currently at about 2% of gross domestic product (GDP), or around A$56 billion per year. The Coalition is reportedly eyeing an increase to 2.5% of GDP by 2029.
The Albanese government’s current spending plan is expected to reach 2.33% of GDP by 2034. And in this week’s budget, it is expected to bring forward some of its already announced $50 billion increase in defence spending.
