F-35 fighters, 75 M1A2 Abrams tanks, LRASM, JSM, JASSM-ER, AMRAAM and Sidewinder missiles - Australia's defence budget exceeds AU$50bn for the first time ever

The Australian defence budget was released this week. For the first time in the country's history, funding exceeded AU$50 billion ($34.08 billion).

Here's What We Know

Australia's defence budget reached AU$52.588 billion ($35.84 billion), representing 2.04% of gross domestic product. In 2023-24, the Defence Forces will be buying LR missiles. The defence forces will buy LRASM, JSM, JASSM-ER, AMRAAM and Sidewinder missiles for the F-35 Lightning II, F/A-18 Super Hornet fighters and P-8A Poseidon anti-submarine patrol aircraft.

In addition to the aforementioned missiles, Australia intends to get 500lb and 1,000lb guided bombs. In 2023-24, $AU$172 million ($117.22 million) will be spent, with AU$810 million ($552 million) over five years.

One of Australia's problems now is that it does not produce precision munitions. Rapid supply is in question as Lockheed Martin, Boeing, Raytheon and others are working at full capacity to resupply the US ammunition amid the war in Ukraine.

The Defence Force's biggest project is the purchase of fifth-generation F-35A Lightning II fighter jets. Australia has ordered 72 aircraft. The last dozen will be delivered next year. The program costs AU$16.4bn ($11.18bn), of which AU$870m ($592.9m) will be spent in 2023-24.

Australia also plans to invest in tanks. The country wants to order 75 M1A2 Abrams main battle tanks to replace 59 M1A1s. Along with the tanks, 52 engineer combat vehicles will be ordered.

In addition, it should not be forgotten that Australia is preparing to acquire nuclear-powered submarines as part of the AUKUS agreement. It was signed in March 2023 in San Diego. Australia will buy at least three Virginia-class submarines and will also begin joint AUKUS submarine production with the US and the UK. By 2055, $245bn will have been invested in the project.

Source: Breaking Defense