Canberra has all but eliminated the much-hyped Japanese bid to build the country's 50 billion Australian dollar fleet of new submarines, a report by the Australian Broadcasting Corp. said Wednesday.

The Cabinet's National Security Committee reportedly discussed the bids by France, Germany and Japan on Tuesday evening, moving closer to a decision that is expected by the end of the month.

While a final decision has not been made, the ABC report said that reservations among officials had likely sunk any potential Japanese deal to build 12 Soryu-class submarines that would replace the Royal Australian Navy's aging Collins-class fleet.