Part 3: Capital Measures (continued)
2016 Defence White Paper — additional funding
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The Government will provide an additional $29.9 billion over 10 years from 2016‑17 to 2025‑26, to deliver the plans outlined in the 2016 Defence White Paper (the White Paper). Defence funding will reach two per cent of Gross Domestic Product (GDP) by 2020‑21 based on current economic projections, delivering on the Government's election commitment to increase Defence spending to two per cent of GDP within a decade.
The White Paper is an affordable, achievable, and sustainable plan. It is accompanied by the 2016 Integrated Investment Program and the 2016 Defence Industry Policy Statement. Together, these plans will give Defence and Australian industry certainty and predictability in financial and capability planning.
Funding for this measure has already been provided for by the Government.
Further information can be found in the White Paper and accompanying joint press release of 25 February 2016 issued by the Prime Minister and the Minister for Defence.