Prime Minister Malcolm Turnbull has announced all 12 of Australia's next fleet of submarines will be built in Adelaide from local steel, with France winning the hard-fought global race for the $50 billion contract.
Mr Turnbull said in Adelaide on Tuesday morning that the decades-long program would create about 2800 direct jobs and help Australia transition to a 21st century economy.
A week out from the federal budget (due to be released May 3) there's a warning of sustained deficit growth over the forward estimates period.
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