Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Australia plans to make guided missiles in two years.

Australia's Defence Minister Richard Marles attends a joint news conference with France's ... Australia's Defence Minister Richard Marles attends a joint news conference with France's Foreign and Defence ministers at the Quai d'Orsay in Paris, France, January 30, 2023. REUTERS/Sarah Meyssonnier
Australia's Defence Minister Richard Marles attends a joint news conference with France's ... Australia's Defence Minister Richard Marles attends a joint news conference with France's Foreign and Defence ministers at the Quai d'Orsay in Paris, France, January 30, 2023. REUTERS/Sarah Meyssonnier

Listen to the article now

Australia plans to make guided missiles in two years. In a major defense overhaul to focus on long-range missile capabilities, Australia said on Wednesday that it will start domestically manufacturing guided missiles by 2025, two years earlier than projected.

On Monday, the Labor administration adopted a defense study that warned China had started the greatest military buildup since World War Two. Without transparency, major power competition had “potential for conflict” in the Indo-Pacific.

Defence Minister Richard Marles claimed in media appearances that A$2.5 billion will accelerate domestic guided weapon production from 2027 to two years.

That is more than tripling cash from scrapped defense programs.

“That does radically shift the timeframe forward in terms of manufacturing capability,” Marles told Nine on Wednesday.

He said foreign long-range attack systems would cost A$1.6 billion within two years.

Marles said the government was negotiating with Raytheon (RTX.N) and Lockheed (LMT.N) about manufacturing missiles in Australia.

He added Kongsberg (KOG.OL), the Norwegian maker of the naval attack missile Australia had committed to buy, was also in talks.

Pat Conroy, military industries minister, said the assessment suggested buying Kongsberg’s joint strike missile to “allow us to look at manufacturing the Strike Missile family of missiles in Australia.”

The review stated that Australia would engage more closely with its security ally, the US, while expanding diplomacy to discourage war and strengthen defense relations with India, Japan, South East Asian states, and Pacific islands.


Comment Template

You May Also Like

Business

Starting in 2024, the IRS will lower the Form 1099-K reporting threshold to $5,000 for business transactions via payment platforms like PayPal and Venmo....

Business

The stock market saw major premarket moves on February 14, 2025. Roku and Airbnb surged on strong earnings, while Moderna and Informatica fell on...

Business

Warren Buffett’s Berkshire Hathaway trimmed its stake in DaVita amid a weaker 2025 outlook, causing an 8% stock decline. Rising costs and dialysis center...

Business

Stock futures dipped amid new trade policy shifts from President Trump, while GameStop surged on crypto investment speculation. Major retailers scaled back DEI commitments,...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok