New Zealand's Bold Move: Doubling Defence Spending Amid Global Tensions

New Zealand announced a significant boost in defence spending, with NZ$9 billion allocated over the next four years. The government aims to double the GDP percentage spent on defence to 2% in eight years, responding to escalating global tensions.

In a move to strengthen its military capabilities, New Zealand unveiled plans to significantly increase its defence budget. The government announced on Monday that it would allocate an additional NZ$9 billion ($5 billion) over the next four years.

Prime Minister Christopher Luxon emphasized that the current defence expenditure was inadequate, especially amidst rising global tensions. The upcoming budgetary increase is set to nearly double New Zealand's defence spending as a proportion of its GDP to 2% within the next eight years.

The newly revealed Defence Capability Plan highlights the substantial boost in resources aimed at enhancing the nation's defence force capabilities, which, for comparison, had a budget of just under NZ$5 billion for the year 2024-25.

(With inputs from agencies.)