Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Australia's nuclear submarine capability to ensure peace, stability -defence minister

Published 03/08/2023, 11:35 PM
Updated 03/08/2023, 11:59 PM
© Reuters. FILE PHOTO: Australian Minister of Defense Richard Marles listens during a meeting with U.S. Defense Secretary Lloyd Austin at the Pentagon in Washington, U.S., July 13, 2022. REUTERS/Sarah Silbiger

By Renju Jose

SYDNEY (Reuters) - Australia's nuclear submarines will ensure peace and stability across the Indo-Pacific, southeast Asia and Indian Ocean, Defence Minister Richard Marles said on Thursday ahead of a landmark agreement between Washington, Canberra and London.

U.S. President Joe Biden will host Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak on Monday in San Diego, site of major U.S. Navy operations, to chart a way forward for Australia's plans to obtain nuclear-powered submarines.

"Clearly, these submarines will have the capability to operate at war, but the true intent of this capability is to provide for the stability and for the peace of our region," Marles told parliament.

The agreement, known as the AUKUS pact and announced in 2021, will provide Australia the technology and capability to deploy nuclear-powered submarines amid China's military buildup in the Indo-Pacific region. China "firmly objects" to AUKUS, its foreign ministry said this month.

"It is difficult to overstate the step that as a nation we are about to take ... we have never operated a military capability at this level before," Marles said. "I want to say, at this moment to our neighbours and to our friends around the world that as Australia invests in its defence ... we do so as part of making our contribution to the peace and the stability of our region and of the world."

AUKUS is expected to be Australia's biggest-ever defence project but it has not been announced whether it will involve a U.S. or a British-designed submarine, or a combination of both.

Reuters, citing four U.S. officials, reported on Wednesday Australia was expected to buy up to five U.S. Virginia-class nuclear submarines in the 2030's as part of AUKUS.

© Reuters. FILE PHOTO: Australian Minister of Defense Richard Marles listens during a meeting with U.S. Defense Secretary Lloyd Austin at the Pentagon in Washington, U.S., July 13, 2022. REUTERS/Sarah Silbiger

Albanese declined to confirm the report.

"I'll be making further comments about specific proposals at the appropriate time but I can confirm that on Monday there will be a meeting of the AUKUS partners," Albanese, on an official trip in India, told reporters in Ahmedabad.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.