The Australia Institute weighs in on Labor, Coalition defence spending pitches

Both Labor and the Coalition are promising to significantly increase defence spending if they win the May 3 election. The Coalition wants to increase overall defence spending to 2.5 per cent of GDP over the next five years and then up to 3 per cent "aspirationally" in the next decade. Meanwhile, Labor has committed to raising defence spending to 2.33 per cent of GDP over a decade.   Guest: Richard Denniss, Executive Director, the Australia Institute   Producer: Rob Kelly