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According to budget documents unveiled on May 14, Australia will spend a record $36.8 billion on defense during the next fiscal year. This amount represents a 6.3% increase from the previous year, equating to 2.02% of the nation’s gross domestic product.

In detailing the allocations, the government outlined significant funding for equipment acquisitions and sustaining existing assets, earmarking $11.18 billion and $11.52 billion for these purposes. Much of the budget is dedicated to the Navy, which will receive $7 billion for nuclear-powered submarines. 

Other allocations:
The Australian Army will receive roughly $8 billion, with some of the funds allocated for advanced weaponry and vehicles, including AH-64E Apache helicopters, Boxer armored vehicles, and Redback infantry fighting vehicles. The Air Force is set to receive $6.3 billion, some of which will go to completing acquisition costs for F-35A fighter jets and other military aircraft.

This all comes as the Australian government has committed to increasing its defense spending by $66 billion by 2033-2034.