DOWNLOAD OUR APP
IndiaOnline playstore
02:43 AM | Thu, 28 Jul 2016

Download Our Mobile App

Download Font

Australia to increase defence spending

154 Days ago

Canberra: Australia will raise defence spending to two percent of its gross domestic product (GDP) over the next seven years in a formal announcement to be made by Prime Minister Malcolm Turnbull later this week.

Talking to media persons on Wednesday, Turnbull said the investment, to be revealed as part of the long-anticipated Defence White Paper, would serve Australia for "decades" to come, Xinhua news agency reported.

"The paper sets out the plan for Australia's defence, security and investment. It's focused on securing our nation decades into the future," Turnbull said.

"It is a thoroughly, carefully, fully costed document and in that sense it is very different to the last paper."

In the paper, the government intends to lift defence spending to 2 percent of the nation's GDP by 2023 - a plan initially laid out by former prime minister Tony Abbott.

According to experts, that would result in almost one trillion dollars ($710 billion) being put into defence over the next 10 years.

Turnbull said the cost of the Defence White Paper was justified as it would set a higher standard for Australia's armed forces.

"It will set out how we will give our Defence forces the resources they need, the capabilities they need, to keep us safe and to ensure that we play our part in delivering and ensuring regional security," Turnbull said.

The Defence White Paper was last updated by former Prime Minister Julia Gillard in 2013. (IANS)

Viewed 32 times
  • SHARE THIS
  • TWEET THIS
  • SHARE THIS
  • E-mail
You might also want to read

Our Media Partners

app banner

REVOLUTIONARY ONE-STOP ALL-IN-1 MARKETING & BUSINESS SOLUTIONS

  • Digital Marketing
  • Website Designing
  • SMS Marketing
  • Catalogue Designing & Distribution
  • Branding
  • Offers Promotions
  • Manpower Hiring
  • Dealers
    Retail Shops
    Online Sellers

  • Distributors
    Wholesalers
    Manufacturers

  • Hotels
    Restaurants
    Entertainment

  • Doctors
    Chemists
    Hospitals

  • Agencies
    Brokers
    Consultants

  • Coaching Centres
    Hobby Classes
    Institutes

  • All types of
    Small & Medium
    Businesses

  • All types of
    Service
    Providers

FIND OUT MORE