Malcolm Turnbull, who was behind the French submarine contract that Morrison dramatically tore up in favour of Aukus, said Australia needs to "wake up", realise it's a "bad deal" which the US could renege on at any point, and make other plans before it is too late.

Investors should consider the impact of President Donald Trump’s defense posturing on international sales of defense submarines.

SYDNEY: Australian Prime Minister Anthony Albanese said he will meet with US President Donald Trump at next week’s G7 meeting in Canada where he plans to discuss trade tariffs and a defence pact put under review by Washington.