Australia will spend A$3.9bn to build a new shipyard for AUKUS nuclear-powered submarines, Prime Minister Anthony Albanese has announced, marking a major step in the trilateral defence pact with the U.S. and Britain. Speaking on Sunday (14 February), Albanese said the funding would go towards developing the facility at Osborne in South Australia, a key site for constructing and maintaining the future submarine fleet under the security agreement unveiled in 2021. Announced in 2021, AUKUS is Australia’s largest-ever defence investment. Under the agreement, U.S.-commanded Virginia-class submarines will be based in Australia from 2027, several will be sold to Canberra from around 2030, and a new class of nuclear-powered submarines will be jointly built by Britain and Australia. Australian Prime Minister Anthony Albanese described the A$3.9 billion as a down payment to deliver the new shipyard in Osborne, a suburb of Adelaide in South Australia.

Full report : Australia pledges $2.7 billion to progress nuclear submarine shipyard build.