Australian-made submarines substantially cheaper than government suggests

Australia's government-owned shipbuilder says it could construct a new fleet of submarines in South Australia for less than $24 billion, making it competitive with rival overseas bidders.

Complicating the task of foreign shipbuilders who are pitching for the business, the interim head of Adelaide-based ASC told a Senate estimates hearing on Thursday morning that the firm believed it could build 12 new submarines for between $18 billion and $24 billion.

Estimates for the cost of the government's favoured overseas option are between $20 and $30 billion.

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