Defence loses $693 million of your hard-earned money: Rex Patrick

Imagine giving a million dollars of your hard-earned money to an investor and he loses every penny of it due to sheer incompetence. You will be banging on ASIC’s door and demanding that the investor be banned from taking people’s money again.

So imagine giving $693 million of your hard-earned money to the Department of Defense, and them losing it through sheer incompetence.

The first one has probably never happened to you. The second one just did.

in it last inspectionThe Australian National Audit Office announced that the Department of Defense spent $693 million to extend the life of our aging Collins-class submarines, but abandoned the program because it could not manage it properly.