Prime Minister Anthony Albanese are announcing the plan alongside US President Joe Biden and UK Prime Minister Rishi Sunak in San Diego.

Canberra will acquire three US Virginia-class nuclear submarines as a stop-gap from approximately 2033 before a new SSN-AUKUS-class, conventionally-armed hybrid vessel arrives in Australian waters a decade later as part of the trilateral alliance with the UK and US.

Australia will buy three US Virginia-class fast attack submarines under the AUKUS announcement. Photo: AAP

The cost to taxpayers will come in at an eye-watering $268-$368 billion over the next three decades.

The plan will take $9 billion from the budget’s bottom line across the next four years and $50-58 billion over the next decade.

The annual cost will then be around 0.15 per cent of GDP until the mid-2050s, but there are warnings about the exact number due to the unpredictability of inflation in three decades’ time.

An American submarine for Australia will roll off the production line every three years before the new AUKUS class will be built at a similar rate from 2042.

Australia’s current Collins-class submarines are due to come out of service in the late 2030s.

A Collins class submarine at Osborne in Adelaide. Photo: Tony Lewis/InDaily

The plan ensures Australia will always have a baseline fleet of six submarines and have the option to buy an additional two Virginia-class submarines should there be any delays.

The UK will construct and use the first AUKUS sub from the late 2030s and acquire an estimate of eight to 12 of the same type.

Four American nuclear-powered submarines and one UK vessel will begin rotating through Western Australian naval bases from as early as 2027 to boost Australia’s ability to operate its own vessels in the 2030s and 2040s.

Increased visits from US and UK nuclear submarines will also begin from next year.

Shipbuilders in Adelaide and Western Australia will join those in America and Britain in helping construct the new submarines.

More details on South Australian jobs, manufacture and timelines are expected to be revealed shortly but it’s planned that up to 4000 jobs will be needed to build infrastructure at Osborne in Adelaide, with between 4000 and 5500 direct shipbuilding jobs to follow.

Prime Minister Anthony Albanese said the partnership was about strengthening national security and stability in the region.

“For more than a century, brave citizens from our three countries have been part of a shared tradition of service in the cause of peace and sacrifice in the name of freedom,” he said.

“While we respect and honour the past, through AUKUS, we turn ourselves to face the future.”

President Biden said the agreement was a testament to the strong ties between the three nations.

“As we stand at the inflection point in history … the United States can ask for no better partners in the Indo-Pacific, where so much of our shared future will be written,” he said.

-with AAP