Senator the Hon Simon Birmingham

The Morrison Government has welcomed NBN Co’s strong half yearly financial and operating results for the 2022 Financial Year. 

Minister for Communications, Urban Infrastructure, Cities and the Arts, the Hon Paul Fletcher MP, said the NBN is a vital national asset—as well as a strong and growing business.

“During the pandemic, when millions of Australians moved overnight to working and studying from home, we really needed good broadband, and the NBN came through with flying colours,” the Minister said.

“More Australians using the NBN is good for the economy, and good for NBN’s bottom line.”

Minister for Finance Simon Birmingham said the Government was pleased to see NBN Co’s financial performance go from strength-to-strength, while continuing to deliver important services to Australian households and businesses.

“This is yet another strong financial result from NBN Co. We have seen the company record total revenue of $2.5 billion for the six months to 31 December 2021, a 12 per cent increase on the previous half year’s results,” Minister Birmingham said.

“It’s also pleasing to see that NBN Co has reduced its loan to the Commonwealth by a further $5.8 billion, while at the same time delivering for its customers during the pandemic.”

The NBN continues to connect more Australians, with an additional 190,000 premises taking up services on the network during the six months to December.  Today, over 8.4 million premises are connected to the NBN.

NBN Co is also making good progress on its $4.5 billion Network Investment Plan. More than 42 per cent of the fixed line network is currently gigabit capable, and the company is on track to make 75 per cent of the fixed line network gigabit capable by 2023.