Australia on Tuesday signed a mega deal to purchase a fleet of next-generation submarines from France, with Prime Minister Malcolm Turnbull hailing the vessels' "cutting-edge technology". French Defence Minister Jean-Yves Le Drian inked the inter-governmental agreement (IGA) in Adelaide that will see French shipbuilder DCNS design and build the Shortfin Barracudas.
The total cost of the 12 submarines, including separate agreements with US and Australian contractors, will hit Aus$50 billion (US $37 billion). "The IGA is the last foundation stone needed to ensure Australia is able to develop a cutting-edge sovereign submarine capability," Turnbull told reporters. The agreement is a "critically important step in the development of our security, in the assurance of our government in delivering Australians the security and the prosperity that they need," he added. With most of the work on the subs to be carried out in Adelaide, Turnbull underlined the number of domestic jobs to be created.
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