May 28, 2026 – 12.01amDefence spending will fall next financial year despite the Albanese government’s pledge to boost military outlays by $53 billion over the next decade, raising fresh questions about whether the budget is keeping pace with the deteriorating strategic environment.The finding is contained in the Australian Strategic Policy Institute’s annual The Cost of Defence report, which shows that military spending will fall as a share of GDP to 2.02 per cent in 2026-27 from 2.13 per cent this year.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Defence spending to drop despite Labor’s $53b pledge
Defence spending will fall to 2.02 per cent of GDP in 2026-27, a report by the Australian Strategic Policy Institute says.
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