For the sake of taxpayers, let's hope that the Audit Office is inspecting the AUKUS books closely. Australian money is flushing into the US submarine construction system - a billion USD so far, with another billion by year's end. What will Australia have to show for it?

Login or signup to continue reading

Nothing. Except, of course, for a lot of international travel and glad-handing by the naval officers and public servants who work in the Australian Submarine Agency.

Hitherto, the only explanation for totally unsecured payments to the US is our need to contribute to America's submarine-building capacity so that, at some date that seems to be sliding ineluctably further away, we are able to buy some Virginia-class submarines and embark on our adventure as a nuclear-powered submarine navy. Right now, the US yards cannot meet the demands of the US Navy, let alone ours. They need to double their production rate.

And, by the way, we want to be able to build our own nuclear submarines. But instead of investing in our own yards, we think it's smart to invest in American ones. It takes a special form of cleverness to think that up.

Funnelling money into the American shipyards is like backing a property developer who's finding that the cash flow doesn't meet the construction schedule: it does nothing to improve our chances of securing our own dwelling on time, if at all. If you think that looks smart, you're certainly not in the market for a house, or, if you are, you're going to be disappointed.

And as for the developer, he's sure to get his money even if the creditors are worried. It's no surprise that the US Navy is beginning to........

© Canberra Times