SYDNEY (Reuters) – Australian Minister for Defence Christopher Pyne said on Wednesday the latest fleet of submarines, worth A$50 billion ($36.57 billion), are going to be delivered in a timely manner in addition, on budget – rejecting a media say that costs could blow-out around 25 %.

Australia selected France's Naval Group in 2019 since its preferred bidder for that amount of 12 submarines, and you in the world's most lucrative defense contracts, well before other offers from Japan and Germany.

More than two years on, final contracts haven’t yet been signed, and Australian Broadcasting Corporation reported Canberra was able to accept costs rising by 25 % along with the first vessel to arrive eighteen months late.

The to begin the fresh submarines is scheduled to generally be delivered in the early 2030s along with the final vessel over the 2050s.

Pyne rejected the report, insisting the Strategic Partnering Agreement, the overall contract to assist throughout the construction, is signed by mid-December.

"Microsoft xbox 360 never been an indicator by the Commonwealth that there needs to be, or might be, a 25 % cost blow-out or possibly a two-year delay, contained in the negotiations," Pyne told reporters in Canberra.

Australia rejected offers from Japan's Mitsubishi Heavy Industries and Kawasaki Heavy Industries and Germany's ThyssenKrupp AG in the event it selected french bid.

Australia's planned 12 new submarines would have been a centerpiece of prefer to significantly expand its military to guard strategic and trade interests from the Asia-Pacific.

($1 = 1.3672 Australian dollars)