Global military spending hits record high amid warnings of new arms race

Global military spending hits record high amid warnings of new arms raceABy Annika BurgessTopic:Defence Industry5h ago5 hours agoTue 28 Apr 2026 at 4:48amGlobal military expenditure has risen for the 11th consecutive year. (Reuters: Guglielmo Mangiapane)In short:Global military spending has hit a record high, reaching nearly $US2.9 trillion ($4 trillion) in 2025, according to a report from the Stockholm International Peace Research Institute (SIPRI).Researchers say the increase has been driven by another year of wars, uncertainty and geopolitical upheaval.What's next?The UN and some international relations experts have raised concerns that the spending was fuelling a new arms race and placing pressure on national budgets.abc.net.au/news/global-military-spending-hits-record-high-how-countries-rank/106611800Link copiedShareShare articleThe world is spending more money on weapons than ever before.For the 11th year in a row, global military spending surged in 2025, according to new data from the Stockholm International Peace Research Institute (SIPRI).Governments invested a total of nearly $US2.9 trillion ($4 trillion) on missiles, munitions, aircraft, warships and other weapons. It was the highest level of military spending ever recorded, rising 41 per cent in the past 10 years. "Everything points to a world that feels less secure and is spending on its military to compensate for the global landscape," SIPRI researcher Lorenzo Scarazzato said.Researchers say the increased spending was driven by another year of wars, uncertainty and geopolitical upheaval. (AFP: Brendan Smialowski/File)Some defence analysts say it is necessary for countries to increase military spending in response to ongoing wars and geopolitical uncertainty.But the United Nations (UN) and International Monetary Fund (IMF) have raised concerns that rather than guaranteeing security, it could fuel an arms race. And there was the risk of a "guns versus butter" trade-off, where growing defence budgets increased public debt and reduced spending on areas such as education and health.The world's biggest military spenders Last year, global spending rose by 2.9 per cent compared with 2024, according to the SIPRI report. It brought the "global military burden", which is the military expenditure as a share of gross domestic product (GDP), to 2.5 per cent, its highest level since 2009.Given the "range of current crises" and many governments' long-term military targets, the researchers said the growth would likely continue through 2026 and beyond.The three top spenders — the United States, China and Russia — spent a combined total of $US1.48 trillion, just over half of global expenditure.After halting new financial military aid to Ukraine, US spending shrank by 7.5 per cent compared to the previous year. But the report said the downturn was likely to be short-lived."Spending approved by the US Congress for 2026 has risen to over $1 trillion, a substantial increase from 2025, and could rise further to $1.5 trillion in 2027," it said.Arms manufacturers such as Lockheed Martin have been raking in higher profits off the back of the growing demands. "With a record $US194 billion backlog, 6 per cent year-over-year sales growth, and free cash flow generation above our prior expectation, 2025 marked a year of unprecedented demand for Lockheed Martin capabilities," CEO Jim Taiclet said. The Trump administration and Middle East war had also created a "golden opportunity" for company growth, he…

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