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The Grumpies Marcus and Michael are joined by SAA co-founder Peter Jennings to talk through SAA’s new report: Defence 2025: Dollars and decisions available here. They cover the big changes Australia must make to deal with a US ally that is simultaneously less reliable and more demanding – with this shift starting under Joe Biden and so not all being a Trump2.0 effect. And they get to the meat of where Australian taxpayers’ money is going on defence, with Marcus dissecting $59bn in annual spending. It turns out the Navy is spending more than the Army & Air Force combined on acquisition – and the Subs program is already taking such a huge share of the budget that it’s on the path to becoming Australia’s 4th Service. Thanks to Lonsdale Studios for working with the Grumpies.