I cannot join in the general rejoicing about the subs being built in Adelaide.

Submarines and other defense requirements should be built so as to provide the best possible equipment for our defense personnel, at the best possible value for Australian taxpayers.

Building the subs in Adelaide will cost an additional $18 billion. That is, at a cost of approximately $15 million per new job in Adelaide.

$15 million per job in Adelaide in additional taxes which have to be extracted from businesses and workers. Which of course means $15 million per job that can no longer be used in private enterprise to employ people, to research and develop and provide new products and services.

To put this another way, each new job in Adelaide in the sub project will cost the jobs of approximately fifteen people employed elsewhere, because the money that would have been used to pay them will now be going in additional taxes to fund make-work in Adelaide.

This is not job creation; it is exactly the opposite.

Or of course, if we were willing to pay the taxes required to fund an extra $18 billion, that would have been enough to buy an extra four subs.

This decision is not good policy. It is economically illiterate, and very poor value for Australian tax-payers.