* Australia will acquire nuclear-powered submarines under a $368 billion spend

* The government will spend $4.6 billion on a submarine nuclear reactor factory in the UK

* Government-owned shipbuilder ASC and the British defence company BAE Systems will jointly build the nuclear-powered submarines for the Royal Australian Navy.

* At least $2 billion has been committed to build a submarine construction yard at Osborne shipyard

* Australia is also expected to send over $4.5 billion (US$3 billion) to the US industrial base

* The US will sell up to five Virginia-class submarines in the 2030s, but the sales will be subject to approval

REACTIONS

"What happens in the Indo-Pacific reverberates in Europe."

- Foreign Minister Penny Wong

"We're really happy with the ... arrangements that we've reached. It does involve the contribution to the industrial uplift in the UK, that's entirely appropriate."

- Defence Minister Richard Marles

"AUKUS is fundamentally about freedom of navigation. It's about ensuring the world's navies and oceans are capable of being sailed freely as they should be, including here in the Indo-Pacific."

- Secretary of State for Defence Grant Shapps

"This is a big project. We're going to be working very hard to make sure we deliver it properly."

- Secretary of State for Foreign, Commonwealth and Development Affairs David Cameron

Australian Associated Press