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Budget Not Hit By NBN Write-Down

Australian finance minister Mathias Cormann said there is no potential write– of the National Broadband Network (NBN) that would hit the Budget bottom line.

“A write– would not impact surplus goal. NBN equity investment was classified as such when it was made” Cormann tweeted on Monday.

“A write– would not cause retrospective re-classification into a grant.”

Cormann added that a write– is the responsibility of the NBN board and such action would shift the cost on taxpayers instead of customers.

“Those pushing for a political decision to write– the value of NBN to facilitate lower prices and higher margins for other businesses are arguing that the taxpayer rather than customers should carry more of the cost burden of services provided by NBN and accessed by NBN customers” Cormann said.

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