Australia is on track to spend more on defence than at any time since the Vietnam War, yet the return on that investment is poor. The 2024-25 federal budget allocated $52.7 billion to defence - slightly over 2 per cent of GDP - and this figure is expected to rise sharply as the AUKUS submarine program and other major projects ramp up.

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For a nation of 27 million people, this is a substantial commitment. But for all the billions spent, the capability delivered to the men and women in uniform remains modest at best. Delays, overruns and bureaucrati

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