NBN Profit Losses in 2017 Reach $4.24 Billion

October 31, 2017
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NBN

Despite the effort of connecting the country through its rollout, the National Broadband Network has experienced losses greater than last year’s.

According to accounts reported by ITWire, the network providing giant has amassed losses worth $4.24 billion for this year only. And if those figures are compared last year, it can be considered almost double of the losses that reached $2.75 billion.

We all know that this is not a good sign since this is where internet service providers get what they sell us, but we could expect things may go this way anyway since the company has been providing incompetent services and unstable internet connection over the years. However, this could be a backlash to users since prices on services might increase, just like the NBN tax.

Of course with these figures regarding losses, the company would say something positive, which in this case is that the NBN was able to deliver “strong financial results, exceeding key targets set by the board”.

“The footprint near doubled to 5.7 million premises, active end users doubled to 2.4 million premises and revenue more than doubled to $1 billion,” it said.

Even though the rollout has reached many destinations and is on track, it seems that it has been causing the opposite effect. If you look closely, a lot of Australians who were already visited by the rollout are still suffering from what the NBN gives best—slow, unstable internet connections to none, along with unsatisfying service.

That is not the only bad news that we could encounter with this. NBN’s CEO has also amassed a sum but to his pocket. As revealed by ITWire, Bill Morrow is now the second highest paid public sector boss in the country with $3.56 million for the year. Morrow was just second to Australia Post’s Ahmed Fahour with $6.06 million last year.

Imagine being led by an official who is trying to remove the 12Mbps in the choice of internet speeds and claiming that Australians won’t be using 50Mbps internet speed is being paid this high, while Aussies are having a hard time pay for the services that they don’t even experience to the full.

 

Image Credit: Bordermail