He stated the estimated value of $264 billion to $368 billion for the submarines was launched for transparency.

The determine represented a small portion of Australia’s GDP which was worth for cash over the long run, the prime minister stated.

Right here is his full trade with 3AW host Neil Mitchell, which has been edited for size and readability.

Mitchell: We’re speaking about the potential for $368 billion, which is hell of some huge cash. Did we negotiate that, or was it simply kind of ‘take it or depart it’?

Albanese: No this has all been negotiated.

Mitchell: Did we speak them down a bit did we?

Albanese: If you happen to put it in perspective, Neil, what we might have achieved, is to not put figures on the market as a result of we’re speaking about a long time upfront. And that’s why the determine that has been put on the market, for transparency, is $268 billion to $368 billion, which represents roughly 0.15 per cent of GDP. Or to place it one other method, it’s below 10 per cent of what our defence expenditure can be within the coming decade. Now we made the evaluation that Australia having nuclear-powered submarines – does that improve {our capability} and our skill to defend ourselves by that determine, by 10 per cent? You guess it does.

The prime minister additionally defended the AUKUS submarines plan in contrast the earlier cope with France.

Albanese stated he immediately mentioned the problem with French President Emmanuel Macron, and so they had a respectful relationship with the nation.

“We’ve got respectful relationship with France. We’ve decided to go along with the AUKUS preparations,” the prime minister stated.