&w=3840&q=100)
US Defense Secretary urges Australia to raise defense spending to 3.5% of GDP
US Defence Secretary Pete Hegseth asked Australia to increase its defense spending to 3.5% of gross domestic product during a meeting with Australian Defense Minister Richard Marles, the Pentagon said on Sunday. read more
US Defence Secretary Pete Hegseth has called on Australia to increase its defense budget to 3.5% of gross domestic product, according to a Pentagon statement Sunday.
Hegseth requested talks with Australian Defense Minister Richard Marles. The two also discussed key security topics, including accelerating the deployment of US defense capabilities in Australia, enhancing cooperation between their defense industries, and strengthening supply chain resilience.
The meeting highlights ongoing efforts to deepen military ties amid growing strategic challenges in the Indo-Pacific region.
STORY CONTINUES BELOW THIS AD
'On defense spending, Secretary Hegseth conveyed that Australia should increase its defense spending to 3.5 percent of its GDP as soon as possible,' the statement said.
The ministers' meeting on Friday on the sidelines of the Shangri-La Dialogue, Asia's premier security forum, is only the second between the security allies since U.S. President Donald Trump took office in January.
Marles said after the meeting they did not discuss a specific percentage of GDP to raise Australian defense spending.
With inputs from agencies
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
31 minutes ago
- Mint
Australian main index led higher by banks, RBA minutes boost rate cut bets
ASX 200 closes shy of 8,500-point level Rate cut views strengthened after RBA minutes IDP Education worst performer on ASX 200 June 3 (Reuters) - Australian shares ended higher on Tuesday, helped by banks as investors expectations for further rate cuts were strengthened after minutes from the central bank's May meeting showed it had considered an outsized cut. The S&P/ASX 200 index rose 0.6% to 8,466.70 points at the close of trade. The benchmark remains a few points shy of the psychologically important 8,500-point level, last seen in mid-February. Minutes from the Reserve Bank of Australia's (RBA) May meeting suggested that policymakers had considered an outsized cut of 50 basis points as an "insurance" against global trade risks. This marks a shift in the central bank's tone, following the rate cut it delivered in May, which raised the probability of easing at the RBA's next meeting on July 8 to 77% from 59% last week, according to the RBA Watch tool. Meanwhile, the country's first-quarter gross domestic product print, due on Wednesday, is expected to show a modest growth of 0.4%, while recent data showed net exports and government spending both dragged on economic growth last quarter. "RBA now views the tariffs and broader trade dispute as being more likely to reduce inflation than add to it. This is a shift from the more equivocal language in April, that 'the implications for inflation would be more complicated'," analysts at Westpac said in a note. Banks led gains on the benchmark on Tuesday, rising 1.2% and mirroring gains in the 'Big Four' lenders, which rose 1.2%-1.4%. Gold stocks were the top advancers on the mining sub-index, underpinned by strong prices, which retreated on Tuesday but still hovered around a four-week peak. Shares of student placement services provider IDP Education tanked 48.1% and the stock was the worst performer on the ASX 200, as tighter student visa rules in its key markets resulted in a weaker annual profit projection.


Mint
38 minutes ago
- Mint
Australian Bond Auction Draws Weakest Demand in Six Years
(Bloomberg) -- An auction of 12-year Australian government bonds drew the weakest demand in about six years amid higher domestic corporate issuances and a period of outperformance. The bid-to-cover ratio — a key gauge of interest — at the auction of A$1.2 billion ($775 million) worth of bonds maturing in April 2037 was 1.98 on Tuesday, according to the Australian Office of Financial Management. That was the lowest since July 2019 for notes with residual maturities of 10 to 12 years, according to Bloomberg calculations. The weak demand comes as Commonwealth Bank of Australia, ING Groep NV and BPCE SA also tapped Australian markets on Tuesday. Recent gains in sovereign bonds also weighed on the sale. Australia's financial year is also coming to an end after a heavy year of issuance so dealers may also be stepping back as they close their books, said Kit Lowe, an analyst at InTouch Capital Markets Pte. Ltd. in Sydney. As a sale of 2031 notes due later this week is smaller than Tuesday's auction on a risk-adjusted basis, 'I would expect demand to recover,' said Lowe. The April 2037 note forms part of Australia's 10-year bond futures basket, the main avenue for investors to trade the nation's benchmark debt. The cash notes have outperformed peers this quarter amid fiscal issues in the US and a dovish tilt from the Reserve Bank of Australia, as it continues to cut interest rates. The spread between benchmark 10-year bond and its Treasury counterpart fell to the lowest since January on Tuesday. More stories like this are available on


Hindustan Times
3 hours ago
- Hindustan Times
Australian techie says TCS job changed his life: ‘Whatever I have today, I owe to TCS'
A former employee of Tata Consultancy Services has thanked the IT services company for changing his life. Vinay Sriram has more than a decade of work experience and currently works as a Test Lead for the Reserve Bank of Australia - but the Sydney-based professional says he owes all his professional success to his first job at TCS. 'Whatever little I have today in life I owe it to TCS,' Sriram wrote in a post shared on the social media platform X. The India-born Australian techie was responding to a post about how TCS has alleviated millions out of poverty. has reached out to TCS for a statement. This story will be updated on receiving a response. Vinay Sriram started his career with TCS as a Software Test Analyst. In his thread, he remembered how getting his first job at TCS made his father proud. 'I vividly remember my dad's reaction when I said I got placed in TCS. (Though we were not a struggling family). It was one of those few moments where he hugged me and teared up at around 10 in the night when I returned home after my campus interview,' he recalled. Though his father held a stable government job and the family was financially secure, Sriram acknowledged that for countless other students, a job at TCS was nothing short of life-changing. 'If it meant that much to my dad, a central Govt servant with a decent salary, imagine what it would mean to 1st Gen graduates and their parents, students coming from towns and villages who had to face bigger battles like oppression to even get to a half decent college,' he said. Sriram also thanked TCS for paving the way for him to reach Australia and for indirectly helping him meet his wife. 'The opportunity to travel to Sydney, a place I dearly call my home today, is something TCS gave me,' he said on X. The techie revealed that after getting a job at TCS through campus placement, he was waiting for his date of joining when he helped a junior prepare for the TCS interview. He eventually ended up marrying her. 'as a side note, a year later while waiting for my Date of Joining, by helping a junior with her TCS interview prep (Though she didn't make it & ended up joining Renault) I eventually found the love of my life and ended up marrying her and have two beautiful kids with her,' he said. Sriram responded to the hate that TCS gets on social media by saying that 'One man's trash is another man's Treasure.' 'TCS is my treasure that gifted me the life I am living today,' he wrote.