Essential Parliamentary monitoring, direct from Canberra's press gallery by LexisNexis® Capital Monitor™
2024 National Defence Strategy and Integrated Investment Program
The Government will provide an additional $50.3 billion over ten years from 2024-25 (and $7.7 billion per year ongoing) to deliver the 2024 National Defence Strategy and Integrated Investment Program and support a shift in Defence's force posture, structure and capability priorities. Funding includes:
- $1.0 billion over three years from 2024-25 to accelerate priority investments in the targeting enterprise, long-range fires, theatre logistics, fuel resilience and robotic and autonomous systems
- $11.1 billion over ten years from 2024-25 to deliver the Government's response to the Independent Analysis of the Navy's Surface Combatant Fleet
- $38.2 billion over seven years from 2027-28 (and $7.7 billion per year ongoing) to support the next-generation capabilities within the Integrated Investment Program.
The 2024 National Defence Strategy is a coordinated, whole-of-government and whole-of-nation approach to Australia's defence. This approach is founded on the concept of National Defence and sees a Strategy of Denial become the cornerstone of Defence planning, spanning all domains - maritime, land, air, space and cyber. The strategy focuses on positioning Defence to defend Australia and our immediate region, deter an adversary's attempt to project power against Australia protect our economic connection to the world and contribute to the collective security of the Indo-Pacific and the global rules-based system. The 2024 National Defence Strategy is supported by a reprioritised Integrated Investment Program to develop a focused, integrated force and next-generation capabilities.
Budget Speech p 10
Budget Paper No 2 p 82
Budget Overview p 38
Media Release
Department of Home Affairs - Supplementation
The Government will provide $100.0 million in 2024-25 to the Department of Home Affairs to support the performance of core functions including Australian Border Force operations, immigration compliance activities and sustainment of critical systems supporting those operations and services.
Budget Paper No 2 p 134
Budget Overview p 38
Media Release
Maintaining Support for an Effective Foreign Service
The Government will provide $254.2 million over four years from 2024-25 (and $17.7 million per year ongoing) to improve the capability of the Department of Foreign Affairs and Trade to deliver foreign policy outcomes. Funding includes:
- $187.8 million over four years from 2024-25 (and $11.1 million per year ongoing) to upgrade ICT and security at DFAT premises
- $40.0 million over two years from 2024-25 for capital works to sustain the Australian Government's overseas property network
This measure builds on the 2023-24 Budget measure titled Maintaining Support for an Effective Foreign Service.
Enhancing Pacific Infrastructure and Engagement
The Government will provide $206.5 million over four years from 2024-25 (and $6.9 million per year ongoing) to enhance Australia's presence in Pacific Island countries and ability to support the Pacific family. Funding includes:
- $160.4 million over four years from 2024-25 ($237.3 million from 2028-29 to 2033-34) for enhancement and expansion of property at Pacific posts to support a larger presence in the Pacific
- $40.6 million over four years from 2024-25 and $1.2 million per year ongoing from 2028-29 to relocate and expand the leased Australian Consulate General Chancery in Honolulu.
The Government will also provide a financing package through the Australian Infrastructure Financing Facility for the Pacific to support the development of telecommunications infrastructure in the Solomon Islands. The Government has already provided partial funding for this measure. This measure builds on the 2023-24 MYEFO measures titled Enhancing Pacific Engagement and Australian Infrastructure Financing Facility for the Pacific - PNG loan and the 2023-24 Budget measure titled Enhancing Pacific Engagement.
Budget Paper No 2 p 103
Budget Overview p 39
Media Release
Cyber Security of Regulators and Improving Registers
The Government will provide $206.4 million over four years from 2024-25 (and $7.2 million per year ongoing) to improve the data capability and cyber security of the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) and to continue the stabilisation of business registers and modernisation of legacy systems. The cost of this measure will be partially met from cost recovery through ASIC and APRA industry levies.
Nuclear-Powered Submarine Program - Workforce and supply chain investments
The Government will provide $101.8 million over seven years from 2024-25 to continue to build the Australian industrial workforce required to support the delivery of Australia's conventionally-armed, nuclear-powered submarines. The cost of this measure will be met from within the existing resourcing of the Department of Defence and the Australian Submarine Agency.
Please click below for all detailed budget updates generated from Capital Monitor.
LexisNexis Capital Monitor brings you all the Federal Budget updates straight from the source in the Australian Parliament House and the Budget Media Lock Up. In-depth coverage and raw source material will be delivered to you within minutes of embargo lifting, so you can easily stay informed of developments as they happen. Learn more here.