NBN financial results show solid performance

Senator The Hon Mathias Cormann
Minister for Finance and the Public Service

Senator The Hon Mitch Fifield MP
Minister for Communications and the Arts

NBN Co Limited’s (NBN Co’s) 2018-19 first quarter financial year results show strong performance and growth in activations and revenue with the company powering ahead to connect all Australians to fast broadband by 2020.

Shareholder Ministers’ welcomed the results which confirm the company’s solid performance across all metrics and are the first since NBN Co’s 2019 Corporate Plan.

In the three months to 30 September 2018, NBN Co’s revenue reached $620nbsp;million. This is a 53% increase compared to 30 September 2017.

NBN Co continued its solid progress in connecting customers with over 338,000 activations taking the total to 4.4 million active customers nationwide – a 48% increase from September 2017. By the end of the September quarter, almost two‑thirds of homes and businesses could order NBN services and the network build was just under three‑quarters complete.

The results confirm an increased take up of higher speed tiers with over 50% of all NBN connected premises now on 50 Mbps plans or higher, increasing from 500,000 to 2.4 million premises in the 12 months since October 2017.

With thousands signing up to the NBN every day, the extensive work over the past year to improve consumer experience on the network has delivered real benefits for consumers.

Ninety three per cent of homes and businesses now have their equipment installed right the first time, up from 85% in October last year. Average network congestion has also plummeted from 5 hours in October 2017 to just 34 minutes a week.

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