ASPI this week released our annual Cost of Defence report, which assesses how Australia’s investment in defence matches the strategic challenges the nation faces. 

In this special episode, ASPI’s executive director Justin Bassi runs through some of the key points of the report: how much we need to be spending, how fast, and on which capabilities. The strategic environment in which 2 percent of GDP was normalised as a benchmark is long behind us, Justin says. A “business‑as‑usual approach” is no longer enough.

Find ASPI's latest Cost of Defence report here: https://www.aspi.org.au/report/the-cost-of-defence-aspi-defence-budget-brief-2025-2026/