Australia plans to sell more than 60 buildings and other properties across the country to help fund ongoing major expansion of defense capabilities; the government estimates the sales could generate 3 billion Australian dollars, US$2.1 billion.
The properties include a golf course and historic barracks in major cities across the country, which a Defense Department audit identified as surplus or too expensive to maintain. The sales announced Wednesday should generate about A$1.8 billion in net proceeds after staff relocation, based on property value estimates for 2023.
Australia is currently implementing a major defense build-up in response to China’s increasing military capabilities and growing instability in the region.. This includes plans to acquire new warships, submarines, missiles and other weapons systems.
The goal of property sales is to free up cash for new expensesand the government focuses on the bases in the north of the country.
