The deepening of the U.S.–Australian alliance through AUKUS is a net gain for both countries and for Indo–Pacific security. If Australia sticks to its new defense strategy and funds it sufficiently, the Australian Defense Force will be transformed by 2034 into a force far more fit to fight in the Indo–Pacific and geared specifically toward a strategy of denial. The United States, in turn, must prioritize resources and forces for the Indo–Pacific and increase investments in its own defense industrial base, especially the submarine industrial base, in order to meet its AUKUS commitments and increase its presence in the region. In concert with other allies and partners in the region, the U.S.–Australian alliance will be pivotal to establishing credible deterrence and maintaining a free and open Indo–Pacific.