MICHELLE ROWLAND MP
SHADOW MINISTER FOR COMMUNICATIONS
MEMBER FOR GREENWAY
NBNCO'S FY2020 RESULTS
NBNCo should be congratulated for their performance over COVID-19 and for completing the volume rollout, however the Parliament has a duty to scrutinise claims being made.
It is a matter of fact that the cost of the multi-technology mix has gone from $29.5 billion, to $41 billion, to $49 billion and now $51 billion.
The 2020 Corporate Plan saw a significant revision downwards in targets for FY2020, and this makes it easier to exceed the stated target and claim credit for doing so.
If for example today’s FY2020 results are compared to the unrevised 2019 Corporate Plan forecasts, capital costs are up $1.45 billion, revenue is down $100 million, and there are 270,000 fewer activations in FY2020 than were forecast at that time.
The Government has the right to shift their forecasts in the Corporate Plan, but not if the sole purpose is to manufacture a media narrative that distracts from the underlying trend.
** Unclear as OPEX actuals and forecasts in the 2020 Corporate Plan (p48) do not appear to match audited OPEX figures in 2019 NBN annual report (p42) or todays results.
TUESDAY, 11 AUGUST 2020