Labor: Garden Island Naval Base

Key points on the naval base story:

Prime Minister Kevin Rudd says Garden Island naval base could be shut down.

• Says Labor government would set up task force to look at shifting Garden Island's Fleet Base East role to locations including Brisbane and Perth.
• Says Australia needs to shift its defence posture to the north and the Asia-Pacific.
• Relocation could be complete by 2030.
• Rudd says there will also be new naval jobs in Darwin, Townsville, Cairns, as well as redevelopment at Garden Island.

Treasurer Chris Bowen says any decision to shift the navy's centre of gravity north won't be taken lightly.

"Let's be clear, there will be costs for moving to the north, you don't build a fleet base for nothing," he said.

"And there's potential benefits from developing Garden Island [as something other than a naval base], so both of those things would counteract each other.

"This isn't a government revenue-raising measure, this is a sensible measure that is good for economic development in the north, good for the economic development of Sydney, and a more sensible place for our Defence Force posture."