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Wednesday, May 09, 2012

Australian military spending sliced as programs put on hold

[P-8A Poseidon]The Federal Government will slash $5.4 billion from the Defence budget as it makes some of the biggest reductions in military spending since the end of the Vietnam War.

Under the wide-ranging cuts unveiled yesterday, Defence will cancel or defer billions of dollars worth of capital programs and lay off 1000 bureaucrats.

The far-reaching reductions will see the overall Defence budget fall from about $26 billion this financial year to about $24.2 billion in 2012-13.

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