British Prime Minister Rishi Sunak is speaking now. He says Russia's war on Ukraine, China's "growing assertiveness", and the "destabilising behaviour of Iran and North Korea" all threaten to create a world defined by "danger, disorder and division".

"Faced with this new reality, it's more important than ever we strengthen the resilience of our own countries," he says.

Mr Sunak says the UK will provide "the world leading design" and build the first of the new subs, and share that knowledge with Australian engineers to build their own fleet. 

"Our partnership is significant because not just are we building these submarines together, they'll also be truly interoperable," he says.

"Our submarine crews will train together, patrol together, and maintain their boats together. They will communicate using the same terminology, and the same equipment. And through AUKUS, we'll raise our standards of nuclear non-proliferation."

That brings the press conference to a close.

Mr Albanese says construction will begin this decade, with the announcement expected to create about 20,000 direct jobs for Australians "from many trades and specialisations".

He adds the federal government will work with the SA and WA governments to "develop training programs that equip Australians with the skills they need to fill these jobs".

"Working together, our universities and research institutes will collaborate to train more Australians in nuclear engineering," he says. 

"Already, today, Australians are upskilling on nuclear technology and stewardship alongside their British and American counterparts. Already, today, there are Australian sub-Mariners undergoing nuclear powered training in the United States."

Mr Biden says the conventionally armed nuclear powered submarine — dubbed the SSN AUKUS — will be designed with "American technology" and will become a "future standard for both the UK and Australian Navy". 

"It will meet the defence needs while bringing the engineers, the shipbuilders, the industrial workforce [and] our countries, closer together, closer than ever," Mr Biden says.

Mr Albanese is speaking now. He's described today's announcement as a "new chapter" in the relationship between Australia, the UK and US.

He adds that it is the first time in 65 years, "and only the second time in history", that the US has shared its nuclear propulsion technology.

"The AUKUS [announcement] represents the biggest single investment in Australia's defence capability in all of our history," he says.

Prime Minister Anthony Albanese is being joined by US President Joe Biden and British Prime Minister Rishi Sunak to announce the details of the nuclear submarine program.

"It's an unusual name, AUKUS, but it's a powerful entity," Mr Biden says.

"When our countries first announced AUKUS 18 months ago, I'm not at all sure that anyone believed how much progress we'd be able to make together and how quickly we'd accomplish it."

Announcing the first project under AUKUS, Mr Biden says the subs "will not have any nuclear weapons of any kind on them".

"I want to be clear, I want to be clear from the outset... These subs are powered - not nuclear armed subs. They're nuclear powered - not nuclear armed."