The amount spent by the federal government on the defence budget between 2022/23 and the current financial year has been estimated to be $10.9 billion higher than forecast projections for the time period made in 2022.
Defence Minister Richard Marles is set to confirm the increase in defence spending on Thursday during a major speech at the National Press Club, where the latest two-year strategy for the Australian Defence Force will be unveiled.
The March 2022 federal budget had forecast $55.5 billion to be spent on defence in the 2025/26 financial year, but those figures are forecast to be $60.9 billion for the same period.
The speech is also expected to show the amount spent on acquisitions by defence will be $22.4 billion in the 2026/27 financial year, up from $14.5 billion in 2022/23.
Mr Marles said the increase in spending on defence would allow Australia's military to be better prepared.
"That is why Labor undertook a ground-up rebuild of the Integrated Investment Program and has backed it up with an additional $70 billion in investment across the decade," he said.
"As a result, we have invested nearly $11 billion more in defence to date since coming to government in 2022 relative to the trajectory set out by the coalition when they were in government."
Mr Marles said the defence strategy would involve critical decisions about redirecting funds from defence projects into other areas that were more urgent in the portfolio.
However, he was not able to name which projects would be among those affected due to commercial considerations.
"While these are not easy decisions, they are necessary to ensure that the ADF and its people have the capabilities needed, as soon as possible to meet our strategic circumstances and keep Australians safe," Mr Marles said.
The announcement on funding followed an increase of $5 billion in drones following reliance on the technology in Ukraine and the Middle East.
It's set to take spending on drones over the next 10 years to at least $12 billion.
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