When we express 2026-27 defence spending as a proportion not of GDP, but rather of the federal government’s own spending, it amounts to far, far more than 3.1 or 4.1 per cent.

For the current fiscal year, defence spending will account for 16.5 per cent, or one sixth, of total government spending.

And if that sounds scary, it’s only going to get a lot scarier.

By 2030-31 the federal government projects that defence will gobble up a full quarter, 25 per cent, of what the government spends.