Investors should not read too much into the AUKUS review. New US administrations routinely revisit major policies and deals as a regular exercise in due diligence.

Australia will have “a very high price to pay if AUKUS fails”, opposition defence spokesman Angus Taylor says.

Little penguins could prove to be a big headache for Australia’s AUKUS program. Work on the key infrastructure needed to support the first Australia-based nuclear-powered submarines will be just one broken wing away from being forced to stop, at least temporarily, under conditions imposed on the project by Environment Minister Murray Watt.