The stockholm international peace and research institute (sipri) has calculated a 37% global increase in military spending over the last decade, with the single largest increase since the end of the cold war occurring in 2024. Were australia to increase its defence spending to 2.3% of gdp, we would be the ninth biggest spender on defence and the military Australia would be devoting more of its economy to defence than france and taiwan, and on a par with the united kingdom. Armaments, disarmament and international security, stockholm international peace research institute ( sipri ) license World military expenditure rose to $2718 billion in 2024, meaning that spending has increased every year for a full decade, going up by 37 per cent between 2015 and 2024 (see figure 1) The database is updated annually, which may include updates to data for any of the years included in the database.
The 9.4 per cent increase in total military spending in 2024 pushed estimated world spending to the highest level recorded by sipri As a result, the global military burden—world military expenditure as a share of world gross domestic product (gdp)—rose to 2.5 per cent. Australia military spending/defense budget for 2020 was 27.30 billion us dollars, a 4.68% increase from 2019. Russia’s military spending rose by 38 percent compared to 2023, reaching an estimated $149 billion in 2024 That was double the amount it spent in 2015, according to sipri. The albanese government and the coalition opposition agree that we are in the gravest geopolitical period in generations and this is only going to intensify
