Australia said on Tuesday it would bolster air and missile defence in a A$7 billion ($4.7 billion) deal with the United States to acquire SM-2 IIIC and SM-6 long-range missiles for its navy.

Australia will buy US missiles at a cost of A$7 billion ($4.7 billion) to boost its long-range strike capabilities, with Defence Industry Minister Pat Conroy warning of “the greatest arms race” in the region since 1945.

Australia announced this week it was buying $4.7 billion in American-made SM-2 and SM-6 missiles — two of the world’s most advanced air defense interceptors — in a colossal foreign military sale. The two governments finished the deal this spring but unveiled it Tuesday,

Pacific, Canberra is set to spend nearly $5 billion on a series of cutting-edge medium and long-range missiles from the US.

Australia has announced a major investment of $4.68 billion (A$7 billion) to acquire SM-2 and SM-6 anti-aircraft missiles for its Navy, according to a report by Breaking Defense. "The Standard Missile 6 and Standard Missile 2 Block IIIC will enable our Navy to strike long-range sea,