Anthony Albanese says the government will keep an eye on Defence spending

The PM has blasted the former government on their management of the defence budget, claiming some projects were billions of dollars over budget and running late.

Anthony Albanese has put the former government on blast for their management of the defence budget, after Tuesday’s budget revealed a $19bn spend over the next four years.

The budget includes $9bn for the nuclear-powered submarine program through AUKUS and other priorities identified in the Defence Strategic Review.

The Labor government has faced criticism over the program which is forecast to cost up to $368b between now and the 2050s, with homemade nuclear submarines to be ready by 2042.

Despite the eye-watering defence spend, the Prime Minister says his government will be far better managers of taxpayer funds compared to the former Liberal government.

Nuclear subs through the AUKUS deal will be central to Australia’s defence capability.

“The problem with the former government was they had multiple programs running billions of dollars over budget and running late,” he told ABC TVs' 7.30 on Wednesday night.

“What we’ve done is identify by having the Defence Strategic Review, having a real focus, having the national security committee meet a number of times in partnership with the expenditure review committee, so we get that proper spending.”

The Prime Minister said his government would make sure Defence spending was on target with regular oversight by cabinet committees.

Anthony Albanese, Joe Biden and Rishi Sunak announced the AUKUS agreement in San Diego in March. Picture: US Embassy Australia

He again defended the AUKUS deal, described by former Labor prime minister Paul Keating as the worst deal in history.

“I see our defence expenditure being for this generation what the car industry was in the post-war period,” he said.

“That it will have a spin-off with high value manufacturing, that’ll add to employment, add to the economy, while we’re also investing in our national security.

And he rejected suggestions Australia was the only AUKUS partner spending any money on the deal.

“The truth is that the United States and the United Kingdom are also spending, investing, in order to secure their national security interests.”

The Quad leaders last met in Tokyo last year just days after Anthony Albanese won the May 21 election.

Defence spending as a proportion of GDP is forecast to lift 0.2 per cent higher to be 2.3 per cent by 2032-33.

US President Joe Biden will be in Australia later this month for the Quad leaders meeting alongside India’s Narendra Modi and Japan’s Kishora

Mr Albanese will host the other leaders of the Quad security dialogue at the Sydney Opera House on May 24.