AUTRALIA TO ANNOUNCE THE US$ 50 BILLION TO BUILD SUBMARINES THIS TUESDAY; THYSSENKRUPP AND DCNS ARE FAVOURITE TO PROVIDE STEEL

Prime Minister Malcolm Turnbull is expected to announce on Tuesday who will win the $50 billion bid to build Australia's next fleet of submarines, as the formal election campaign approaches.

Germany's ThyssenKrupp Marine Systems (TKMS) and French firm DCNS are thought to be the frontrunners following reporting one-time frontrunner Japan had been eliminated from the contest.