Foreign Minister Penny Wong will urge regional neighbours to deepen co-operation as they strengthen their militaries to contribute to a “strategic balance” that preserves stability amid the intensifying competition between the US and China.
As Australia bolsters its own military capabilities, including acquiring nuclear-powered submarines, tensions between the US and China are more than simply a “great power rivalry” and amount to “nothing less than a contest over the way our region and our world works”.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
