Aukus is ‘worst, riskiest and most costly’ Australian defence decision ever, public inquiry into submarine deal says
Published . Updated .
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Report led by Peter Garrett and former defence chief Adm Chris Barrie says agreement should be suspended and calls for royal commission Get our daily political email , free app or daily news podcast A public inquiry into the $368bn Aukus nuclear submarine agreement has called the plan “the worst, riskiest and most costly defence decision ever made by an Australian government”, urging its immediate termination. Former Labor senator and Midnight Oil frontman Peter Garrett and former chief of defence Adm Chris Barrie led the inquiry dominated by critics of the deal with the UK and US, recommending the suspension of plans for new bases and for a royal commission to be held into the agreement signed by the former Morrison government. Sign up for Guardian Australia’s Politics, really newsletter here Continue reading...
Directly affected
- No company is named in this report.
Indirectly affected
- ITA iShares U.S. Aerospace & Defense ETF
iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “defence” (defense) in this story.
- XAR SPDR S&P Aerospace & Defense ETF
SPDR S&P Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “defence” (defense) in this story.
- USO United States Oil Fund
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- BWET Breakwave Tanker Shipping ETF
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “oil” (tanker shipping) in this story.
- EWA iShares MSCI Australia ETF
iShares MSCI Australia ETF holds stocks listed in Australia, which this story is about (“australian”).
- EWU iShares MSCI United Kingdom ETF
iShares MSCI United Kingdom ETF holds stocks listed in the UK, which this story is about (“uk”).
- XOM ExxonMobil Holdings
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- BP BP p.l.c
BP p.l.c (petroleum refining, with business in the UK): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| ITA | -4.02% | -3.08% | base | -1.67% | -5.60% | -4.31% | -0.65% |
| XAR | -3.84% | -2.83% | base | -3.63% | -8.47% | -4.14% | +1.09% |
| USO | +5.38% | +6.75% | base | — | — | — | — |
| BWET | +7.18% | +11.56% | base | — | — | — | — |
| EWA | +1.62% | +1.58% | base | +2.44% | +0.65% | +0.40% | +2.08% |
| EWU | +0.04% | +1.10% | base | — | — | — | — |
| XOM | +2.57% | +5.49% | base | — | — | — | — |
| BP | +4.63% | +5.96% | base | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Report led by Peter Garrett and former defence chief Adm Chris Barrie says agreement should be suspended and calls for royal commission Get our daily political email , free app or daily news podcast A public inquiry into the $368bn Aukus n…
Source: The Guardian
Energy
| Company | When | Move | Status |
|---|---|---|---|
| BP | three days earlier | +5.96% | final price |
| BP | five days earlier | +4.63% | final price |
| BWET | three days earlier | +11.56% | final price |
| BWET | five days earlier | +7.18% | final price |
| EWA | that day | +2.44% | final price |
| EWA | the next day | +0.65% | final price |
| EWA | two days later | +0.40% | final price |
| EWA | three days later | +2.08% | final price |
| EWA | three days earlier | +1.58% | final price |
| EWA | five days earlier | +1.62% | final price |
| EWU | three days earlier | +1.10% | final price |
| EWU | five days earlier | +0.04% | final price |
| ITA | that day | -1.67% | final price |
| ITA | the next day | -5.60% | final price |
| ITA | two days later | -4.31% | final price |
| ITA | three days later | -0.65% | final price |
| ITA | three days earlier | -3.08% | final price |
| ITA | five days earlier | -4.02% | final price |
| USO | three days earlier | +6.75% | final price |
| USO | five days earlier | +5.38% | final price |
| XAR | that day | -3.63% | final price |
| XAR | the next day | -8.47% | final price |
| XAR | two days later | -4.14% | final price |
| XAR | three days later | +1.09% | final price |
| XAR | three days earlier | -2.83% | final price |
| XAR | five days earlier | -3.84% | final price |
| XOM | three days earlier | +5.49% | final price |
| XOM | five days earlier | +2.57% | final price |
Energy
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 21 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 65 days before publication. Filed 25 Sep 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
How solid the energy case looks
12 out of 100
“Aukus is ‘worst, riskiest and most costly’ Australian defence decision ever, public inquiry into submarine deal says” scores 12 out of 100. The score uses 1 sources.