Media Release | Richard Marles $600M stuff up raises major Defence funding questions

MEDIA RELEASE

RICHARD MARLES $600M STUFF UP RAISES MAJOR DEFENCE FUNDING QUESTIONS

Monday, 09 November 2026

When asked about the expected net proceeds from his Defence estate fire sale, Richard Marles said on ABC Radio National breakfast this morning: "Let's imagine there's about $1.8 billion that will be spent on readying the sites for sale, meaning a net return to Defence of $1.2 billion."

Richard Marles is factually wrong. The Defence Estate Audit cited costs of readying sites at $1.2 billion, with a net return of $1.8 billion.

The Deputy Prime Minister has made a $600m error.

Extraordinarily, he also expects us to believe that Labor’s Defence estate fire sale will generate the same returns even after backflipping on their plans to sell Victoria Barracks Sydney and Melbourne, HMAS Penguin, Fort Queenscliff and RAAF Point Cook.

It is not credible to argue this well-located real estate would not have represented among the most valuable properties in the defence estate.

Labor built this Defence budget off the back of these sales because they refused to fund Defence properly from the budget bottom line.

What further cuts to ADF capability will Labor now make to make up this shortfall, or will they finally follow the advice of our best-informed experts and fund Defence properly?

ENDS