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Stop the Boats’ Rental

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Why on earth are we leasing Navy patrol boats from the National Australia Bank?

It’s a strange arrangement – handing over $63 million to one of the “Big Four” to rent vessels like the Cape Inscription.

When I asked for the logic behind this, or even the basic cost of the lease extensions, the answers were frustratingly thin. No one in the room could tell me what it would cost to buy these ships back, or even how much total taxpayer money has been paid to the NAB so far.

This feels like a stopgap measure that has turned into a more permanent, expensive one, and I intend to find out exactly who is profiting from it.

— Senate Estimates | October 2025

Transcript

Senator ROBERTS: Thank you for attending. Australian Defence vessels Cape Inscription and Cape Fourcroy were reportedly being leased from the National Australia Bank for three years from 2017 for $63 million. Why did the Defence Force ever lease a Navy ship from the NAB, one of Australia’s big four banks?  

Adm. Johnston: The Chief of Navy will come to the table. We will be able to explain it in the terms of what the circumstances were at the time, particularly a transition plan, as it was, to the offshore patrol vessels, and where we are now.  

Vice Adm. Hammond: As CDF just intimated, there was a patrol boat transition plan which involved Armidale class and enhanced Cape class and Arafura. At that time the intent was to transition to 12 Arafura class offshore patrol vessels. As we’ve gone through the Defence Strategic Review and then the surface combatant review, that plan has changed. The E-Cape has now become the program of record, for the Australian Defence Force and Border Force, for patrol boat capability. We had two Cape class patrol vessels that we were leasing as a stopgap capability. Now that the Evolved Cape class program is the program of record, that program has changed. The initial basis was around a decision between the cost of ownership for an outright purchase and a short-term lease arrangement, and that was negotiated by the Naval Shipbuilding and Sustainment Group. I’ll throw to my colleague Rear Admiral Brad Smith for any further details.  

Rear Adm. Smith: Nothing further to add to that—other than that the program has been in place since 2017.  

Senator ROBERTS: Thank you. The lease on these Navy ships was reportedly extended in 2020 for two years. What was the cost of that two-year lease extension?  

Rear Adm. Smith: I’ll take that on notice and get back to you.  

Senator ROBERTS: There’s no-one in the room who can answer that question?  

Rear Adm. Smith: Not at this time.  

Senator ROBERTS: Who owns the ships today—the Cape Inscription and Cape Fourcroy? Are they still on lease from the National Australia Bank?  

Rear Adm. Smith: Yes.  

Senator ROBERTS: What is the agreed residual value of the two ships that NAB can purchase if the Navy ends the lease?  

Rear Adm. Smith: I’ll also get that one back to you, Senator.  

Senator ROBERTS: What is the total amount that has been paid to NAB under these leases for both ships, Cape Inscription and Cape Fourcroy?  

Rear Adm. Smith: I’ll take that on notice.  

Senator ROBERTS: Why is the Australian Defence Force leasing patrol boats from a bank that made $7 billion in profit last year?  

Rear Adm. Smith: I think Chief of Navy answered that earlier, Senator.  

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Lest We Forget

Today I honour those men and women who willingly answering the call to duty.

Lest We Forget.

Transcript

The men and women of our Australian Defence Force have a history of willingly answering the call for duty to protect our freedoms and our sovereignty. They do so sometimes at huge personal sacrifice, whether that be leaving their families and loved ones, or putting themselves in harm’s way to ensure the safety of others.

It’s all in a day’s work for our men and women of the armed forces. Our Defence Force personnel and our Aussie veterans are important and respected people who have committed to the defence of Australia in so many ways, in many ways, whether they have been deployed to active conflict, on peacekeeping operations, or have actually served without being deployed.

For some of our defence force personnel and our veterans, the battle, though, goes on long after they have returned from operational deployment. We must remember this at all times. The veteran death toll by suicide since 2001, by the most conservative of measures, is 10 times greater than our losses in Afghanistan.

Today, and every day, we need to remember these Aussies, and we must join to stop these preventable deaths of our servicemen and servicewomen. So, I hope you join with us in cherishing our armed forces and cherishing days like today, and that on days like today, help our younger generations to remember why our soldiers are being honoured and appreciated.

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My ANZAC Day 2020 Message

Due to the COVID-19 pandemic ANZAC Day events will not be open to the public this year.

The Australian War Memorial service will be broadcast live across Australia by the ABC and streamed online between 5.30am to 6.00am.

Show your support for our ANZACs at home.

On Saturday, at 6am we invite you to light up the dawn at the end of your driveway, on your balcony, or in your living room to remember all those who have served and sacrificed.

Transcript

Anzac Day is a time to honour Australia’s men and women who have answered our country’s call to protect our freedoms and way of life. And sometimes to assist other nations in protecting democracy.

With this year’s health concerns around the virus, our community is unable to have the usual Anzac Day commemorations around the country and within our communities. I’m disappointed that I can’t join these services and listen to our veterans and current servicemen and servicewomen.

I want to let you know that you will be in my thoughts and that my family and I will commemorate Anzac Day starting with the broadcast of the Australian War Memorial’s National Dawn Service on ABC-TV, from 5:30 in the morning through till 6:00 a.m., and then with a minute silence at the end of our driveway, holding a candle to remember our fallen soldiers and to appreciate our defence services.

Many years ago, a close friend of mine said that the War Memorial in Canberra was a monument to war. Rubbish. I told my mate Michael, “It isn’t. “It’s a symbol of the qualities we admire in people. “Their care, their loyalty, sacrifice, duty, patriotism.

“And an expression of our appreciation, “our debt of gratitude.” Every Anzac Day, I’m moved to tears because of the futility of war and the sometimes senseless loss, tragic loss of so many fine young lives. Combined with feelings of appreciation and a sense of awe.

How did our soldiers possibly and amazingly achieve what they did under such adverse, horrible conditions? In so many terrains, climates and nations around the world. Because of that, I feel a sense of obligation, that these days we need to fulfil our duty to preserve our soldiers’ gift and legacy.

In that gift, they gave us the responsibility to maintain personal liberties and freedoms and to restore our national sovereignty. The challenges we face today are from globalism, an insidious, almost invisible, creeping, gradual loss of independence and the continued collapse into dependency.

It threatens that for which our soldiers fought. Yet unlike jackboots, rifles and aircraft, it’s difficult to see. It poses a similar threat. The loss of our national values, loss of our independence, and indeed the loss of our nation. In finishing now, during the current health threat, I hope everyone is keeping safe and well.

And know that even though we can’t see each other today, you are in our thoughts and prayers. And I hope that we all reflect appreciatively on our servicemen and women and their gift and legacy to us all, and reflect on our duty to protect that legacy.

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