Defence Industry Minister Pat Conroy has accused Peter Dutton of underestimating the cost of his election pledge to buy 28 new fighter jets as defence experts said the cost would be at least three times more than the $3 billion announced.

The spat over fighter jets came as Anthony Albanese hit back at criticism of his response to Chinese warships conducting live-fire drills in the Tasman Sea last week. The prime minister accused the Coalition of thinking people had memories like goldfish.