The Federal Government has set a target of reducing the budget deficit by $4 billion next financial year.
It will do so by $1.2 billion, with the money coming from the sale of military equipment.
The Government says it will also seek to spend $400 million on defence programs, which includes a $50 million fund to buy new military aircraft.
The budget also includes $10 million for a new military base on the South Island, $2 million to build a navy shipyard in Darwin and $1 million for research and development.
The announcement comes ahead of a series of events at the Treasury that will focus on defence and economic growth.
A series of talks are expected with the business community, including the Australian Chamber of Commerce, the Australian Investment Bank, the Australia Chamber of Industry, the National Association of Manufacturers and the Australian Chambers of Commerce and Industry.
Topics:government-and-politics,economy,government-to-government,federal-government-arena,armies-and/or-security,business-economics-and,budget,government,government.australiaFirst posted November 02, 2019 12:26:11Contact Emily DuttonMore stories from Victoria