On May 12, 2015 Australia announced its latest defense budget. Spending on personnel dropped slightly and spending on O&M increased slightly, but there were minimal overall changes through 2019 from last year’s budget. Australia’s outyear investment spending plans continue to be ambitious. From 2019-2025 Australia will likely be buying both F-35’s and new long-range submarines. The two programs combined threaten to consume 30%-50% of the investment topline. The Australian Department of Defence will likely announce any change to these long-term strategic procurement plans in its August white paper. Please follow the link below to access a pdf for a full analysis.