Australia to invest additional A$11.1 billion over next decade in defence

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SYDNEY (Reuters) – Australia said on Tuesday it would inject an additional A$11.1 billion ($7.25 billion) over the next decade in defence for the accelerated delivery of the navy’s future surface combatant fleet and to expand the country’s shipbuilding industry.

This additional funding for the future surface fleet brings both acquisition and sustainment investment in the fleet to A$54.2 billion in total over the next decade, Defence Minister Richard Marles said in a statement.

“The enhanced lethality surface combatant fleet will ensure the navy is optimised for operations in our current and future environment,” Marles said.

($1 = 1.5314 Australian dollars)

(Reporting by Renju Jose in Sydney; Editing by Chris Reese)

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