Defence spending to reach 3% of GDP by 2030

The Albanese government will invest an additional $53 billion into the Defence Force over the next decade, with plans to seek funding from the private sector including businesses and superannuation funds. Defence Minister Richard Miles will announce at the National Press Club that defence spending will reach 3% of GDP by 2030, representing a $14 billion increase over four years and $55 billion over ten years. The government will also change its calculation method for defence spending to include pensions, the Weather Bureau and the Australian Federal Police.

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