New Zealand boosts defense spending by $5B to 2% of GDP
Under 'Defense Capability Plan,' Premier Luxon says boosting defense spending must for country's ‘security’
File Photo - New Zealand's Prime Minister Christopher Luxon
ISTANBUL
New Zealand on Monday announced its plans to boost defense spending by $5B to 2% of gross domestic product (GDP), an official statement said.
“We can’t have prosperity without security. That’s why we’re lifting New Zealand’s Defense spending to 2% of GDP over the next 8 years,” Prime Minister Christopher Luxon said.
“The world today is more volatile and less secure, thanks to rising global tensions and conflicts offshore. We’re stepping up in the world to lift trade and create jobs back home, but we can only have prosperity if we have security, too,” he added.
Defense Minister Judith Collins said the new "Defense Capability Plan" contains NZ$12 billion of funding over the next four years, which includes NZ$9 billion ($5 billion) of new spending.
Currently, New Zealand boasts a GDP of around $252 billion.
The last time New Zealand’s defense spending was at 2% was during the early 1990s.
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