A joint US-British plan to equip the Australian navy with nuclear submarines — some of which will be built in Australian and British shipyards — will cost Australia $245 billion by 2055, an assessment by the Australian government has revealed.
The UK will also obtain the new submarine, called the SSN-Aukus.
Australia has no nuclear-powered submarines and the Biden administration has been keen to highlight that the vessel will have nuclear propulsion but will not carry nuclear weapons.
However, defence analysts said the move was a signal to China, which has been accused by several countries in the Pacific region of expanding its naval presence in their territorial waters.
While they are being constructed in Australia, British and American nuclear submarines will patrol Australia's coast as part of a task force called the Submarine Rotational Force-West.
Australian Prime Minister Anthony Albanese has called Aukus “the biggest single investment in Australia’s defence capability in our history”.
The price tag involves the cost of building submarines, as well as associated infrastructure and training, and the programme would create 20,000 jobs in Australia over three decades, according to Australian estimates.
Australian Treasurer Jim Chalmers said the decision was “a game-changing investment” as the government, in the face of mounting pressure on the federal budget and protracted deficits, fielded questions on the price tag.
“Australia can't afford not to do this … it will be worth every cent when it comes to our national security, our national economy,” Mr Chalmers told reporters.
The first Australian submarine built under the programme will be delivered in 2042, and one will be built every three years until the fleet reaches eight.
The vessels will be built in the state of South Australia, while the naval base in Perth will be the home for the new submarine fleet, upgraded at a cost of about $5 billion over a decade and generating 3,000 jobs, documents and statements released by Australia on Tuesday showed.
US nuclear-powered submarines will visit Western Australia more frequently this year, with British submarines making port visits starting in 2026.
Australia will manage all radioactive waste domestically, with the Defence Department choosing a site for the storage of high-level waste this year, defence officials said.
“Yes, it’s an eye-watering price tag, but the alternative is an even heavier cost to Australia’s security and sovereignty down the track,” said Australian Strategic Policy institute executive director Justin Bassi.
COMPANY%20PROFILE
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Australia men's Test cricket fixtures 2021/22
One-off Test v Afghanistan:
Nov 27-Dec 1: Blundstone Arena, Hobart
The Ashes v England:
Dec 8-12: 1st Test, Gabba, Brisbane
Dec 16-20: 2nd Test, Adelaide Oval, Adelaide (day/night)
Dec 26-30: 3rd Test, Melbourne Cricket Ground, Melbourne
Jan 5-9, 2022: 4th Test, Sydney Cricket Ground, Sydney
Jan 14-18: 5th Test, Optus Stadium, Perth
RESULTS
5pm: Watha Stallions Cup Handicap (PA) Dh 70,000 (Dirt) 2,000m
Winner: Dalil De Carrere, Bernardo Pinheiro (jockey), Mohamed Daggash (trainer)
5.30pm: Maiden (TB) Dh 70,000 (D) 2,000m
Winner: Miracle Maker, Xavier Ziani, Salem bin Ghadayer
6pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Pharitz Al Denari, Bernardo Pinheiro, Mahmood Hussain
6.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Oss, Jesus Rosales, Abdallah Al Hammadi
7pm: Handicap (PA) Dh 70,000 (D) 1,400m
Winner: ES Nahawand, Fernando Jara, Mohamed Daggash
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: AF Almajhaz, Abdul Aziz Al Balushi, Khalifa Al Neyadi
8pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: AF Lewaa, Bernardo Pinheiro, Qaiss Aboud.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Squads
India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.
Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
UAE currency: the story behind the money in your pockets
