During this election campaign, both major parties have tried to make it very clear that concerned about our spending on defence.
Over the past term, the Labor Government increased funding by $50 billion, increasing total spending to 2% of GDP. It is forecast to continue to grow to 2.3% of GDP by the mid-2030s. The Coalition thinks that is not enough, and has promised to increase it to 2.5% of GDP in 5 years and 3% in 10 years.
With all this concern about defence spending, you would think Australia was either at risk of imminent invasion or was spending far less than our peers. But the evidence shows that neither of these is true.
Australia has an outsized spending on defence. In dollar terms, Australia is the 12th biggest spender on defence. We spend more dollars on defence than Canada, Israel, Spain, or the Netherlands.
If we look at the top 20 biggest spenders on defence as a percentage of GDP, Australia still ranks 12th. This puts us ahead of China, Italy, Germany, and Japan.
Were Australia to increase its defence spending to 2.3% of GDP, we would be the ninth biggest spender on defence and the military. Australia would be devoting more of its economy to defence than France and Taiwan, and on a par with the United Kingdom. If Australia went to 3% of GDP, as the Coalition has promised, we would pass India, South Korea, and be closing in on the United States.
Do we really believe as a nation that our security needs are more urgent than South Korea, a country that is still at war with North Korea?








