Lost at Sea: The Real Costs of AUKUS; Australian Foreign Affairs 27

The twenty-seventh issue of Australian Foreign Affairs explores the costs, risks and potential benefits of Australia's plan to buy, build and operate a fleet of nuclear-powered submarines.

Lost at Sea looks at the ways in which the AUKUS undertaking is set to reshape the nation's military, economy, diplomacy and foreign relations – and at the consequences and alternatives if the project does not go according to plan.

• David Kilcullen asks whether, and how, Australia could defend itself if the AUKUS submarines do not materialise.
• Peter Khalil looks at the capabilities nuclear-powered submarines offer and their potential to expand Australia's strategic options.
• Bec Strating explores what AUKUS says about Australia's ambitions within our region.
• Saul Eslake questions whether the massive AUKUS expenditure will produce meaningful economic benefits for Australia.
• Yee-Fui Ng analyses the legal risks and obligations Australia has accepted through the AUKUS treaties.

PLUS Joel Backwell on Indonesia, Gorana Grgić on Europe's future and Natalie Sambhi on South-East Asia, and correspondence on AFA26's "Weapons of Choice" from John Kunkel, Naoise McDonagh and Shiro Armstrong.