In short:

A revamped AUKUS agreement has been tabled in federal parliament revealing the submarine project can be cancelled with a year's notice.

Under the deal, Australia has also agreed to indemnify the US and UK against any loss or injury connected to nuclear materials transferred here.

What's next?

The deal will last until December 2075, provided the ANZUS alliance continues and the US and UK remain in NATO.

Australia would foot the bill for any loss or injury caused by sensitive technology and radioactive materials transferred by the United States and United Kingdom for nuclear submarines, under a revamped version of the AUKUS agreement.

An updated document for the trilateral partnership reveals Australia would indemnify the United States and the United Kingdom against such an outcome.

It also reveals the US or the UK could pull out of the submarine deal with just a year's notice if either nation decides the deal weakens their own nuclear submarine programs.

Details of the "understanding" signed by all three AUKUS partners last week in Washington have now been tabled in federal parliament with the agreement to "remain in force until 31 December 2075".

Article I specifies that the US and UK can transfer "material and equipment relating to conventionally armed, nuclear-powered submarines to Australia" providing this does not constitute an "unreasonable risk" to their own defence and security.

"This is a $368 billion gamble with taxpayers' money from the Albanese government," Greens senator David Shoebridge said following the tabling of the document on Monday.

"Article I of the new AUKUS agreement says that if at any point the United States thinks supplying material under the AUKUS agreement to Australia prejudices their defence, they can effectively terminate the agreement and pull out.

"What this agreement makes clear in black and white: If the United States at any point thinks they don't have enough submarines for themselves, they can pull out of AUKUS 2.0 — why isn't the Albanese government being honest about the size of the gamble?"

According to the document, "Australia shall be responsible for the management, disposition, storage, and disposal of any spent nuclear fuel and radioactive waste resulting from the operation of Naval Nuclear Propulsion Plants".

The Albanese government has also agreed to indemnify the US and UK against "any liability, loss, costs, damage or injury (including third-party claims) arising out of, related to, or resulting from Nuclear Risks" connected with the project.

"The inclusion of indemnity provisions for activities undertaken on behalf of other parties is not uncommon in such arrangements," an Australian Submarine Agency spokesperson told the ABC.

The ASA says under the agreement, Australia will indemnify the UK and the US for "nuclear risks connected with nuclear material and equipment transferred or to be transferred to Australia" and "only applies to nuclear risks".

Other "appropriate exclusions" include "where the UK or the US have received payment for the same liability from a third party" and it does not apply to the "two in-service Virginia-class submarines that Australia will purchase from the US until the point of transfer".

The head of the AUKUS submarine program has refused to say whether an almost $5 billion government payment to the United States would be refunded if no nuclear-powered boats were delivered to Australia.

The agreement for "cooperation for naval nuclear propulsion" is also contingent on Australia and the US remaining in the ANZUS alliance, along with the US and UK staying as NATO members.

Defence Minister Richard Marles said the agreement "expressly rules out enriching uranium or reprocessing spent nuclear fuel in Australia" and prevents AUKUS partners from any activity that would contravene international non-proliferation obligations.

"The Albanese government, alongside AUKUS partners, continues to re-affirm that Australia's acquisition of conventionally-armed, nuclear-powered submarines will set the highest non-proliferation standards through the AUKUS partnership.

"The agreement is unequivocal that, as a non-nuclear weapons state, Australia does not seek to acquire nuclear weapons," Mr Marles stressed.

Last week, President Joe Biden revealed the existence of a new agreement in a letter to Congress in which he said the non-legally binding "understanding" had provided "additional related political commitments".