Both Labor and the Coalition are considering an increase to defence spending ahead of the federal election.

Defence spending is currently at about 2% of gross domestic product (GDP), or around A$56 billion per year. The Coalition is reportedly eyeing an increase to 2.5% of GDP by 2029.

The Albanese government’s current spending plan is expected to reach 2.33% of GDP by 2034. And in this week’s budget, it is expected to bring forward some of its already announced $50 billion increase in defence spending.

Why do these percentages matter? US President Donald Trump has made it very clear he expects America’s allies to pay more on defence, at least 3% of GDP.

We asked five experts if defence spending should be increased, and if so, by how much. They agreed more money is needed, albeit with caveats.

Justin Bergman, International Affairs Editor, The Conversation and Matt Garrow, Editorial Web Developer, The Conversation

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