Two American and British defence giants have created a joint venture capable of covering every aspect of nuclear-powered submarines, from design to disposal, in one of the biggest business deals yet to support Australia’s AUKUS ambitions.

Amid concerns over the slow pace of implementing AUKUS, the new company, to be known as H&B Defence, will play a key role in transferring the skills and knowledge to help this country develop a sovereign capability to build and operate nuclear-powered submarines.