SHADOW MINISTER FOR COMMUNICATIONS
MEMBER FOR GREENWAY
NBN FINANCIAL RESULTS HIGHLIGHT NEED FOR ANAO SCRUTINY OF BONUSES
In July this year, Labor wrote to the Auditor-General seeking scrutiny of whether NBN’s taxpayer-funded executive bonuses are linked to appropriate performance targets.
The core of Labor’s concern is if taxpayer-funded executive bonuses are being linked to surpassing artificially low targets, this is a not a proper use of public resources.
The revenue target for financial-year 2021 has been dramatically revised down from $5.4 billion, to $5.2 billion, to $4.9 billion, and then $4.5 billion.
The $4.6 billion NBN revenue result reported today confirms why an audit is needed.
The reality is NBNCo have been missing revenue targets for many years. The Board and executive are revising down previous targets to create an illusion targets are being beaten.
Meanwhile the cost of this second-rate network has increased from $29.5 billion, to $41 billion, to $49 billion, to $51 billion and now $57 billion under the Coalition.
Minister Fletcher and the NBNCo Board are entitled to try and spin results, however, they are not entitled to pay excessive taxpayer-funded executive bonuses off the back of that spin.
TUESDAY, 10 AUGUST 2021