Federal budget squirrels away $30bn to lift defence funding over decade

Spending includes $19bn over four years for Australia’s nuclear-powered submarines, long-range strike capabilities and strengthened northern bases

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The federal government has squirrelled away more than $30bn to lift defence funding over the coming decade, as the Aukus project helps drive spending increases.

Defence funding as a share of the economy is expected to grow from 2.04% now to 2.3% in a decade’s time.