​Defence power is no longer defined by platforms alone. It’s shaped upstream, by capital allocation, ownership rules and the speed at which states can convert technology into deployable capability. That shift is already underway. Many governments recognise it. Some have redesigned their systems around it. Australia is still adapting, albeit slowly, to a reality that no longer tolerates delay and inertia. When I spoke with James Tennant, Partner - JAPAC at BOKA Capital, his belief is that capital has re-entered the geopolitical arena. Across major financial and political centres, capital is no longer treated as neutral. It is being actively aligned with national objectives that include economic ...