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How can Australia pay $368 billion for new submarines? Some of the money will be created from thin air

  • Written by Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University

Australia’s decision to buy three nuclear-powered submarines and build another eight is so expensive that, for the A$268 billion to $368 billion price tag, we could give a million dollars to every resident of Geelong, or Hobart, or Wollongong.

Those are the sort of examples used by former NSW treasury secretary Percy Allan on the Pearls and...

Read more: How can Australia pay $368 billion for new submarines? Some of the money will be created from thin...

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