Australia, US worst-performing nations on defence budget spending: Report

Melbourne, Mar 20(ANI): A new report has revealed that Australia and the United States are the world's worst-performing nations when it comes to efficiently spending their defence budgets.

According to the analysis prepared by global consultants McKinsey, both the countries came at the bottom of a list of 33 countries ranked according to the efficiency.

Brazil, Poland and Russia came out on top, which account for 90 percent of global defence spending.

McKinsey further said countries that support their own defence industries by building their own equipment rather than buying it off the shelf from international suppliers were likely to pay more for it, News.com.au reports.

The report follows the Australian Government's plans to have 12 submarines built in Adelaide to replace the Navy's six Collins Class boats.

Analysts have warned that could cost at least 35 billion dollars, while submarines could be bought off the shelf for much less.

Meanwhile, Australian Defence Minister John Faulkner's spokesman said the minister was aware of the report, and the government had made eliminating waste a high priority. (ANI)