Australia’s defence spending has hit a post-Cold War high, as the government bolsters the nation’s security in response to China’s growing military power in the region. New analysis shows spending on defence was worth 2.45 per cent of the economy by late last year, the highest since the early 1990s at the end of the Cold War between the United States and the Soviet Union.
The government allocated $34 billion for defence spending for 2020-21 in last year’s budget, rising to $39 billion by 2023-24. Next Tuesday’s federal budget is expected to further increase defence outlays.
New Defence Minister Peter Dutton said last week a war involving China over Taiwan cannot be discounted, while Department of Home Affairs head Mike Pezzullo told his staff that the “drums of war” were beating...MORE
