"Today is a defining moment for Australia with the formal signing of a 50 billion AUD agreement to build 12 submarines in Australia for the Navy. This agreement will create around 2,800 jobs for Australians while helping to protect our country and keep Australians safe," Australian Prime Minister Scott Morrison tweeted on Monday.
The attack class submarines are a major part of Canberra's AUD 90 billion national shipbuilding plan put in place to meet the 2016 Defence White Paper, a statement issued by Australia's Minister of Defence Christopher Pyne noted.
Negotiations regarding the deal were ongoing for several years, with fears mounting of an increase in the budget than initially anticipated.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)