Australia Defense Spending: Country to spend $3.1 bln to increase stake in global arms exports

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Australian Prime Minister Malcolm Turnbull says his nation's military equipment manufacturers will be offered government-backed loans.

It's part of a 3-point-1 billion US dollar package that aims to make the country one of the world's 10 biggest defense exporters. The country's defense industry has struggled to obtain finance from traditional lenders that have been unwilling to fund the arms industry. The new loan scheme will help companies that want to export arms get the financing they need.