The government’s $19.5 billion loan to the NBN Co. is close to two-thirds repaid, with $7.4 billion still to be repaid by June 2024.
According to new data released in last night’s budget papers, $12.1 billion of the loan was repaid by February 28. The loan has a fixed interest rate of 3.96 per cent per annum, with interest payable monthly.
The loan was fully drawn in July 2020, with the agreement changed that same year to allow NBN Co. to tap private debt markets to help it make repayments.
The government also announced a $480 million grant to improve the country’s fixed wireless network yesterday, allowing 120,000 premises to access fixed wireless services instead of Sky Muster satellite services.
“Through enhancements to existing capabilities, all three quarters of a million premises within the expanded fixed wireless footprint will receive much higher speeds, including during the network busy hour,” Communications Minister Paul Fletcher said on Tuesday.
“These upgrades will also provide additional data allowances and extended off-peak periods for those on Sky Muster satellite services.”
