Michelle Rowland MP
Shadow Minister for Communications
Federal Member for Greenway
20 October 2020
MICHELLE ROWLAND MPSHADOW MINISTER FOR COMMUNICATIONSMEMBER FOR GREENWAY
$1.17 MILLION NBN CEO BONUS IS OUT OF TOUCH
Australia is in recession, the Liberals have amassed $1 trillion in debt, and when you strip away the spin, the Morrison Government has missed every key NBN target under the sun.
Today’s annual results compared to the 2018 Corporate Plan reveal revenue was $1.1 billion less than forecast, capital costs were up by $3.8 billion, and 800,000 fewer premises were activated.
Premises activated (FY2020)
- 0.8m premises
Cash flow (FY2020)
Capital Costs (to FY2020)
Cost blowouts and technology backflips
Forecast source. Reality source
“Cost blowouts, fake targets, and technology backflips — what exactly are taxpayers rewarding other than Liberal spin and incompetence?”, Ms Rowland said.
NBNCo executives have been repeatedly caught revising down their targets for the coming period, to make it appear they are beating those targets, with the additional objective of distracting from underlying cost blowouts and delays. Bonuses are linked to these targets.
BACKGROUND ON BONUSES, EXPENSES AND ROLLOUT COST
TUESDAY, 20 OCTOBER 2020
Authorised by P. Erickson, ALP, Canberra