17 minutes ago

By Greg Torode, Reuters

Defence Minister Chris Penk announcing a $1.58 billion investment in maritime security in Auckland.

New Zealand is aiming for "smooth and steady" rises in defence expenditure to meet its target of spending 2 percent of GDP on the military within eight years, Defence Minister Chris Penk says.

Penk said there might be peaks and troughs amid the acquisition of new weapons and platforms but the overall aim was to nearly double New Zealand's military spending as it sought to boost defence capabilities.