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Former Australian Government spends billions over budget on bungled defence plan
The former Australian government has been accused of “flushing money down the toilet” after it was revealed its defence projects have blown out by billions
Australia’s Deputy Prime Minister and Minister for Defence Richard Marles has taken aim at the former coalition.
He said their defence management was “one of the worst in Australian history” and a “complete mess.”
He continued saying they “flushed money down the toilet” and did not manage the budget effectively.
Bungled defence management
It has been revealed that 28 defence projects are running behind schedule by a cumulative 97 years. Including projects like the offshore patrol vessels and the battlefield command system.
In addition, defence projects are currently at least $6.5 billion dollars over budget, and this hasn’t factored in the controversial nuclear sub deal yet.
It’s no secret that Australia has been ramping up its defence spending in recent years, but the recent figures show the former government was not able to manage this increased expenditure effectively.
To prevent this in future, the current coalition is promising to implement strict trigger warnings on struggling projects.
They have also planned to do an overhaul of the entire defence portfolio.
This comes at a time when the Government is under immense pressure to rebuild the country economically, but faces an uphill battle after the pandemic, and the crunch of inflation.
So the question remains, will this impact Australia’s defence capability at a time when geopolitical tensions are at an all time high?
News
SpaceX IPO could make Elon Musk’s Mars dream a trillion-dollar reality
SpaceX’s upcoming IPO could raise $25 billion and value the company over $1 trillion, igniting investor excitement for Mars missions.
SpaceX’s upcoming IPO could raise $25 billion and value the company over $1 trillion, igniting investor excitement for Mars missions.
Investors are buzzing as SpaceX gears up for a potential IPO, aiming to raise more than $25 billion, possibly as soon as June. The offering could value the company at over $1 trillion, fueling Musk’s ambitious plans for Mars and beyond.
Despite the high-risk nature of space ventures, demand from retail investors is expected to be strong. Experts predict this IPO could become historic, with the company’s market value potentially soaring past $2 trillion once it launches.
Musk’s unconventional management style hasn’t slowed investor enthusiasm, even amidst regulatory hurdles. The funds raised could also support groundbreaking innovations, including energy-efficient space data centers.
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#SpaceX #ElonMusk #IPO #MarsMission #Investing #StockMarket #TrillionDollar #SpaceTech
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Russia shoots down 280+ Ukrainian drones as Zelenskyy pushes new peace plan
Russia claims 280 Ukrainian drones shot down; Zelenskyy finalizes a new peace proposal amid rising tensions and military clashes.
Russia claims 280 Ukrainian drones shot down; Zelenskyy finalizes a new peace proposal amid rising tensions and military clashes.
Russia’s Defence Ministry claims it has shot down over 280 Ukrainian drones, with 40 intercepted near Moscow, some targeting the city directly. Emergency services responded to debris, and temporary flight restrictions were enforced at Moscow’s airports amid the attacks.
Meanwhile, President Zelenskyy revealed his team is finalizing a revised 20-point peace proposal, introducing new ideas on territorial control. Ukrainian and American officials are set to consult online, focusing on security guarantees rather than the detailed points of the plan.
As tensions rise, both military clashes and diplomatic efforts continue to shape the future of the conflict. Keep up with the latest updates and expert analysis on these unfolding events.
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News
Disney invests $1B in OpenAI to generate Marvel, Star Wars, and Pixar videos
Disney invests $1 billion in OpenAI for AI-generated videos featuring iconic characters, enhancing fan interactions and launching in 2026.
Disney invests $1 billion in OpenAI for AI-generated videos featuring iconic characters, enhancing fan interactions and launching in 2026.
Disney is taking AI to the next level, investing $1 billion in OpenAI to create a licensing deal that allows users to generate videos featuring more than 200 characters from Disney, Marvel, Star Wars, and Pixar. This partnership could redefine how fans interact with their favorite characters.
The deal will let users stream short AI-generated videos directly on Disney+, and ChatGPT will also produce images of Disney’s licensed characters. However, the agreement excludes talent likenesses or voices, keeping human performances separate.
Set to launch in 2026, the collaboration also gives Disney warrants to purchase additional OpenAI equity and use AI tools for product development, opening doors to new creative opportunities.
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