News that the US Department of Defence has launched an AUKUS review has Canberra’s defence circles in overdrive, with familiar critics already proclaiming the pact is ‘sinking’. Yet this outbreak of anxiety poses a bigger danger than

Investors should not read too much into the AUKUS review. New US administrations routinely revisit major policies and deals as a regular exercise in due diligence.

Australia will have “a very high price to pay if AUKUS fails”, opposition defence spokesman Angus Taylor says.

Little penguins could prove to be a big headache for Australia’s AUKUS program. Work on the key infrastructure needed to support the first Australia-based nuclear-powered submarines will be just one broken wing away from being forced to stop, at least temporarily, under conditions imposed on the project by Environment Minister Murray Watt.