FOR sixty years the ANZUS alliance has been the holy grail of Australian security policy. It is the alliance on which Australia ultimately relies for national survival in the event of an armed attack that it can’t repel alone.

But questions are emerging about the long-term value of ANZUS to Australia as economic malaise continues to plague the United States and Chinese economic and military power continues to grow in an increasingly multi-polar world. The key questions, perhaps, are whether ANZUS is approaching its use-by date and whether abandoning the treaty would substantially affect Australia’s long-run strategic circumstances…