Linda Reynolds (WA, Liberal Party, Minister for Defence) Share this | Hansard source

Thank you. Again, can I be very, very clear about this project to all in this chamber: there is no blow-out to the cost of the future submarine project. There is no cost blow-out to the future submarine project! When we announced the program in April 2016, the estimated cost for acquisition, in 2016 dollars, was $50 billion. There has been no change to this cost in constant-dollar terms.

The Future Submarine Program will run well into the 2050s, and the use of constant dollars allows for a consistent comparison of purchasing power over the life of the project. The deliberate conflation by Labor of constant costs without outturn costs, which take into account inflation and exchange rates, is incredibly misleading and incredibly disappointing for a great Australian project. To put this very simply: comparing constant and outturn dollars does not represent a cost increase— (Time expired)