Buying nuclear submarines is like “buying a house in Italy” as it’s going to find yourself costing “at least double of what you thought it was going to cost”, says The Australian’s National Editor Dennis Shanahan.
His feedback come as Australia’s new nuclear submarine program is about to value $200 billion over 30 years – which is 0.01 per cent of GDP.
“The history of all of these big projects has been that they have spiralled in cost,” Mr Shanahan advised Sky News host Peta Credlin.
“And how could anyone actually put a final figure on something that is 30 years out with a new submarine as part of it – it just doesn’t stack up.
“What we’re actually looking at is rising the level of GDP for national defence spending from two to about three per cent, or at least two and a half per cent.
“These are huge numbers and yet the Albanese government hasn’t shown any way it intends to be able to pay for this in the next three years or the next 15 years.”
Source: www.news.com.au
