The AUKUS alliance, which will build Australia’s new nuclear submarine fleet, is set to create around 20,000 new jobs over the next 30 years, according to the Federal Government.

Albanese says further details of the pact will be announced on Tuesday morning in San Diego, where he will meet US President Joe Biden and UK Prime Minister Rishi Sunak to finalise the agreement.

The agreement, which was signed by the Coalition under Scott Morrison has gained bipartisan support, despite an estimated cost of 200 billion.

The alliance is placing heavy importance on providing nuclear submarines to Australia. Earlier in February, Defence Minister Richard Marles announced that Australia will have full control over operating the submarines, saying that it “dramatically enhance” Australia’s sovereignty

Labor’s Minister for the Environment and Water, Tanya Plibersek expressed her support of the alliance, saying it could improve the nation’s economy and defence force.

“I think it’s very clear that both the government and the opposition agree that this is an important capability for Australia,” she said.

“It’s a very long-term project and with it will come a substantial number of jobs and huge investment and a real capability in the Australian economy.”

However, the deal has its critics. Dave Sweeney of the Australian Conservation Foundation says that there will be a number of negative consequences from the AUKUS project.

“We believe that there are profound environmental, economic and public health costs, as well as significant escalation in regional tension,” he said.

“We believe that it’s a step that enmeshes Australia into American war-fighting plans, reduces Australian sovereignty.”

The deal comes two years after Australia’s multi-billion-dollar submarine deal with France was scrapped under the Morrison Government with Albanese declaring it a “new dawn” for Australia’s defence policy.