Prime Minister Anthony Albanese has again declared full confidence in AUKUS after British MPs warned the UK’s contribution towards delivering the massive project was falling behind.

A Labour chaired House of Commons defence committee into the trilateral security partnership has detailed “shortfalls or delays in funding” which it says threaten the timing of the delivery new SSN-AUKUS submarine fleet with Australia.

“For the UK, delivering SSN-AUKUS will be a lengthy and complex undertaking requiring a sustained financial commitment from government across several electoral cycles,” the British report warned.

“It is deeply concerning that there are signs that the investment pipeline that underpins that commitment has already faltered.”

“We have deep concerns cracks are already beginning to show when it comes to funding. The investment pipeline has already faltered,” Labour MP and Committee Chair Tan Dhesi said.

“This cannot be allowed to happen again. Even seemingly minor shortfalls and delays snowball over time, with potentially severe consequences.”

When asked about the UK committee’s concerns as well as the unstable political environment in the United States, Mr Albanese rejected suggestions the nuclear submarine project was now “in trouble”.

“There is support overwhelmingly from the British government, from Prime Minister Keir Starmer down, as well as from the defence personnel in the United Kingdom,” Mr Albanese told reporters.

“AUKUS is to quote President Trump, ‘full steam ahead’, and I’m very confident that it will be so,” he added.

Opposition Leader Angus Taylor said he was “deeply concerned” about the report but shifted blame to the Albanese government for failing to properly fund the defence force and AUKUS.

“This is a government that has underfunded defence of our nation at a time which is more risky, more dangerous than any time since the Second World War,” he told reporters in Port Kembla.

“There is no commitment to make sure that AUKUS is properly funded. There is no commitment to make sure that we also fund the rest of the Defence Force as it needs to be funded.”

Under the $368 billion AUKUS endeavour the US and UK will begin to rotate submarines out of Perth next year, before Australia plans to acquire second-hand Virginia-class submarines from Washington in the early 2030s.

As part of the deal the UK is also working with Australia to design and build a new class of nuclear-powered submarines, known as SSN-AUKUS, which is scheduled to enter service here in early 2040s.