Updated: NBN Co received extra $300m before election
- 20 August, 2010 16:56
- Comments 25
The Federal Government has injected over $300 million in equity into NBN Co, it has come to light this week, doubling the capital available to the company responsible for rolling out the National Broadband Network.
The figure was revealed in Australian Securities and Investment Commission (ASIC) records for NBN Co which show the total value of shares/interests on offer is $662 million.
The equity injection is believed to have taken place prior to the calling of the Federal election. On Tuesday 17 August, NBN Co filed a number of documents including a notification of share issue, and changes to share structure. This week's filings were the most recent company changes since mid-year when there were similar share issues and restructures to correspond with equity injections.
In late May NBN Co chief executive, Mike Quigley, told a Senate Estimates hearing committee that the company had so far received $260 million in equity funding from the Government, with another $52 million in equity due by June.
The Government has allocated $43 billion in funding to set up a fibre optic network around Australia. This funding is periodically handed to NBN Co, which manages the operational and capital spend for the roll out.
Quigley told the Senate Estimates hearing in May that at that time there were no more planned equity injections, and it had not committed to any more spending than $312 million.
"The next week or so [June] of another $52 million – which will take us to $312 million,” Quigley said. “After that we haven’t had any detailed discussions on particular equity injections after that point.”
This week, there were also two separate supplementary documents filed by NBN Co, one which has an effective date of 25 March – when the response to industry submissions were released – while the other is 17 September.
On August 12 NBN Co announced a deal with Telstra to construct the fibre network in Brunswick, Melbourne.
The documents have not been uploaded to the ASIC database.
Update: A spokesperson for NBN Co told Computerworld Australia that the equity injection revealed in the ASIC documents were submitted prior to Prime Minister Julia Gillard calling the Federal election, and fell outside the start of caretaker conventions. The increased equity was for the company's operational expenditure.
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Comments
mark
and this news only becomes public after the polls open ???
RS
No yesterday afternoon!
The wheel has to keep turning...
mark
and after the blackout started wood duck !
Canberra Watcher
So it has taken NBNCo $662M and 16 months to connect just 72 users?
If they were on budget there would be 150,000 users connected.
If they were on schedule there would be 1,500,000 users connected.
Remember, these guys aren't developing a new technology. They are just ordering it out of a catalogue and deploying it.
str8talker
Canberra Watcher..you have no idea what it takes to construct, deliver, maintain...obviously.
RS
@4. In 16 months????
Didn't you tell me just a few weeks ago that they had connected 3 (wasn't it?) users in "3 years"?
When corrected about April 7 2009 being the NBN/FTTP announcement, you then argued like a child, that it was 3 years.
But here you are now saying yes it was 16 months, after all LOL...!
So why should we believe your latest FUD?
Anyway all moot points now, due to the in limbo election. What a stuff up eh?
As someone who voted Labor (primarily because of the NBN) and therefore wanted them to win "outright", For the sake of solid governance for Australia, I'd rather see the Libs win outrirght than have a hung, mish-mash of any description/make-up.
Coversely to that, seems the Greens will have control of the Senate (so in essence a hung Senate - which is more common than in the HoR) so they, along with the opposition, can keep all "the bas****s honest", no matter who forms a possible minority government!
And of course, "no filter", regardless of who forms government... I won't say win, as it looks like, at this stage, neither of the big players will actually win the election, on their own accord.
RS
@3 blackout wood duck? ...
LOL, fool!
D Newman
I have noticed a very ironic situation forming, the coalition nearly won in its own right using fear to hammer home a message, and it was effective to many, but its the NBN that looks like being their nemesis with all the independants so far stating its an important issue to their voters.....
Now wouldnt that just be such an ironic end to this that labour get in purely on the back of the NBN.
D Newman
Oh and all the ex-Nats thinking Barnaby is just a mad and useless as I do, doesnt help either.
D Newman
So now Tony Abbott's back is to the wall with the 5 king makers, he is going to relook at his broadband policy, with a pragmatic approach, jeez einstein if you had only done a few weeks earlier when everyone was yelling rubbish at you, maybe just maybe we would not be in this situation.
As I said before, underestimated the pull of the NBN, thought everyone hated it, and didnt give the issue of telecomms in Australia a second thought beyond a weak soul less policy, and now ironicly enough it turns out to be a major sticking point that could see him not get the PM job......
Got to laugh.
J Muirhead
Canberra Watcher is just being a smart ass using the notional 8 year rollout and $4,000 per connection estimate to calculate those rough numbers.
Looking at Exhibit 8-1 in the implementation plan, which is the recommended funding model, this isn't year 1 of what the plan suggests is a 9 year rollout. NBNco are still proving the system works and the funding is insufficient for the 'full on' rollout. I guess we are year -2 or -1 against the NBN Implementation Plan. With half the connections made in 6 to 7 years from now and the outstanding completed in 10 to 11 years.
Check the funding model... http://data.dbcde.gov.au/nbn/Chapter-8-Funding-the-NBN-NBN-Implementation-Study-Report.pdf ...the first real year of rollout requires $2.7B.
J Muirhead
And my last comment means nothing if the NBN is scrapped by our new government (whoever that turns out to be).
Raymond
Newman, you must really get a life outside of NBN ! As I am not yet in a position to say I told you so! Yet ! NBN will not be the deal breaker at all, if you care to listen or understand the three primary Independants, ALL, will make decissions based on the stability of the nation,economic welfare,AND regional issues,communications will be a factor, not the NBN as a national issue, all have stated that Monday morning early, your dream world view of the relationship between Katter and Joyce is a pure figment of your imagination!
You claim Abbott's back is to the wall, this in itself goes to shows you know notyhing! Abbott, at this stage has won more seats! Abbott and Oakshot are really close mates, the one with a back to the wall is Gillard, not only to protect from the knives, but we have the labor party begining the blame game, and we have Shorten circling,funny thing he may well be the reason the GG will have to step aside in any decision making!
There is a long way to go, and this could well stretch out to November when the next Parliament is due to sit, and Newman NBN will not be the decider!
Raymond
Newman, furthermore, these are exactly the reasons we do not need a Republic, in your fantacy zest to have such a beast, please tell me under your Republic model how will this current polictical senario plays out? under our Democracy we have precedence for what is happening, and what might happen, that is why we will always have this greatest Democracy model in the world!
It is unique, and it is australian!
Raymond
PS: Newman, I forgot, in all cases health has been declared by all three Independants as the first primary issue important to their regions, NBN was way behind debt!
D Newman
Raymond, please , your posting more dribble than usual I have just sat through 3 interviews, Katter clearly said his feelings on Barnaby and truss, and so did one more, called baraby a 'Fool".
I am in the real world, I have spoken the new member covering Kalgoolie, and writing this missive from there....While you it would appear, would be more detached than normal.
Abbott is going to have to pump a bit more pocket money into his plan to raise it up to more of a compromise deal, and thats all that I asked for, closing of this countries digital divide.
Katter also stated he liked the idea of the NBN and health, the 2 things combined, do try and understand grown ups talking on TV theres a good chap.
Raymond
Newman, trouble is you hear, then imagine you heard! then go off and make up fantacies, you do this all the time!
However, you are coming along so nicely, you are begining to agree with my proposition I have been advocating for months now!
This is not about NBN, it is about Communications, it is about Broadband! and whatever form it is delivered in, stop doing the Gillard thing and linking issues to NBN so it sounds good NBN/Health will never happen it's a myth! Tell me one application of how it would work, for example, tonsils, heart rate? blood pressure? circumcission? piles? please tell..HOW!
Abbott, has already stated he will be pragmatic, these are and will become regional issues, not NBN! I also listened to radio interviews with two of the Independants, I also saw Katter interviewed, NBN will not be what he makes any decission on, it be one of many but not the driver!
Newman you are showing how much out of your depth you are when it comes to politics and how the polictical system works....
I do love this Democracy............GAME ON
D Newman
Indeed, Game On.
RS
@15...it's "independent" and @ 17 it's "fantasy"... we really need an NBN to advance e-learning and promote the basics, with such rampant illiteracy, don't we! Anyway...
Again the biased mutterings of politicians… makes one question their logic.
Tony Abbott says, the Australian people have spoken and have clearly said the government is no longer fit to govern. So by saying this, is he implying that he is? Of course he is, but...
To those of us impartial, he perhaps has a legitimate point, to a degree. But going by the very same (his) logic, he conveniently ignores that the same people also said… the opposition too, aren’t fit to govern!
Let’s face it, whenever there is a contest anywhere; it is the job of the challenger to oust the incumbent, which Mr. Abbott clearly has not done… YET anyway…!
So until such time as he "is given a mandate to govern in his own right", he hasn’t won and the government haven’t lost and vice versa of course.
Therefore, by not being able to dethrone the incumbent, although not an ideal situation in general, to help us all make the necessary adjustments and keep disunity to a minimum, the existing government should be given the moral right to form a minority government, before the opposition, "IMHO", yes again IMHO.
It is also paramount that the independents act independently and choose the best deal for the nation. If that's the Coalition well so be it, but if it's Labor ditto! As such with the Greens having a seat in the HoR's and holding the balance of power in the Senate, it must be taken into account that a minority Labor government would work more smoothly, with the Greens and this obviously, needs to be factored by the independents, if they are truly independent!
Tony is also quick to mention that the Coalition received some 400,000 primary votes more than Labor. However as Tony would clearly know (and as pointed out and heralded as the best in the world, above) we do not recognise first past the post, we have the unique, two party preferred system! Using this as the rightful determiner, the last figures I saw, had Labor @ 50.67% to the Coalition’s 49.33%!
Although in saying that, having more than 50% still didn't save Kim Beazley...LOL!
Raymond
To the Republic believers who believe they have Papal rights on everything here, and in particular who believe that morals and politics are bedfellows, please learn something, anything about how the political system works in this country.
Before you mouth off!
As usual.
masealake
Why Labor threw a second term away?
People need better resources supported of lives
A letter regarding “Shaping a Healthy and Wealthy Future for Australia “sent to The Prime Minister Kevin Rudd on 29 October 2009.
My “Health Olympic Australia” project will not only assist the Australian Government to shape a better health system for Australians but will also improve the general health of Australians. This will put Australia in a strong position for long term wealth generation and prosperity.
“The China Project” is referred “The China Study” outcome conducted jointly by Cornell University, Oxford University, and the Chinese Academy of Preventive Medicine over the course of twenty years.
Prime Minister, the steps that will allow Australia to pioneer in achieves the worlds “Health Economy” is by Australia:
• Inventing health improvement patterns;
• Growing high antioxidant healthy grains and plants;
• Manufacturing high antioxidant healthy grain powder products;
• Exporting its health improvement knowledge and pattern; and
• Exporting health improvement resources (including human resources).
The highest regards
Ma kee wai
(Member of Inventor Association Queensland since 1993)
masealake
Why new election costing another $170 millions people's burden, politician extra pocketing?
Why not $170 millions to create a national hurray "Health Olympic Australia" project for a truly “Health Revolution” once described Australia health reform by ousted Prime Minister Kevin Rudd.
A “Health Olympic Australia" project will direct benefits to everyone in Australia within 3 years, for everyone’s health creation, everyone’s wealth creation regardless of gender, age, and or race, then benefit to everyone globally afterward?
People demands fairer resources supported of lives today, not tomorrow, and not another 3 years on and on?
There are at least five economic productivity outcomes will resulting significant GDP progressing from a “Health Olympic Australia” as follow:
1. Reductions in Australian Health Workforce cost;
2. Reduction in Healthcare cost;
3. Reduction in lost productivity cost;
4. Increase from agriculture outcome;
5. Increase from “Health Olympic Australia” creation in goods/products exportation.
Australia people will fill the miss opportunity to them should it exist today.
Ma kee wai
(Member of Inventor Association Queensland since 1993)
masealake
1. What time bombs will rock Australia democratic society?
The Australia historical hung parliament demonstrated the big gap of inequality society between the small educated elite groups who get highest pay by talk feast used mouth work controlling live essential resources of the country in every social platforms against the biggest less educated groups who get lowest pay by hands work squeezed by discriminative policies that sucking live blood from poor/less wealth off?
Voters’ voices do not hear?
Voters’ pains do not ease?
Voters’ cries do not care?
1. Poverty will not be phase out if no fairer resources to share;
2. Illness will not be reducing if no preventive measurement in real action;
3. Agriculture will not be revitalize if urbanization continuing its path;
4. Housing affordability will not be reach for young generation if government continues cashing from young generation debt by eating out the whole cake of education export revenue without plough back;
5. Manufacture industry will shrink smaller and smaller if no new elements there to power up to survive;
6. Employability will not in the sustainable mode for so long as manufacture and agriculture not going to boost.
Ma kee wai
(Member of Inventor Association Queensland since 1993)
masealake
What democratic societies should learn lessen from Australia election 2010:
1. What productive action Gillard Labor government 5 billions to UN buys ousted PM Kevin Rudd’s face?
Voter’s pains did not link to high income Politicians and Bureaucracy.
The Australia historical hung parliament demonstrated the big gap of inequality society between the small educated elite groups who get highest pay by talk feast used mouth work controlling live essential resources of the country in every social platforms against the biggest less educated groups who get lowest pay by hands work squeezed by discriminative policies that sucking live blood from individual poor/less wealth off?
Voters’ voices do not hear?
Voters’ pains do not ease?
Voters’ cries do not care?
1. Poverty will not be phase out if no fairer resources to share;
2. Illness will not be reducing if no preventive measurement in real action;
3. Agriculture will not be revitalize if urbanization continuing its path;
4. Housing affordability will not be reach for young generation if government continues cashing from young generation debt by eating out the whole cake of education export revenue without plough back;
5. Manufacture industry will shrink smaller and smaller if no new elements there to power up to survive;
6. Employability will not in the sustainable mode for so long as manufacture and agriculture not going to boost.
Ma kee wai
(Member of Inventor Association Queensland since 1993)
masealake
Why believe coalition economic plan works without revitalize agriculture and manufacture industries??
It’s all about power and money most Politicians and parties wanted above all and after all election?
Just listen how Barry O'Farrell convincing voters: "People are our asset. They are our greatest wealth and they should be given the opportunity to pursue their dreams?" On the issue of economic management, Mr O'Farrell was asked what he thought was the state's greatest source of wealth, given NSW lacked a resources industry.
Take a look below the link subject: “Time for Action” in “Healthy Active Life” program that convert Broken hill into a Healthy Las Vergas Broken Hill economy? Link with http://www.streetcorner.com.au/news/showPost.cfm?bid=20747&mycomm=ES
... .
When we look at what today’s shrinking industries, such of agriculture (34% of fruit and 19% of vegetables imported); manufacture (10.5% by 2005–6) destructed by John Howard’s coalition government.
Will you then still believe Mr Barry O'Farrell’s coalition opposition announced positive and practical policies which will help revitalize agriculture and manufacture industries for create more sustainable jobs, and innovative export products?
Remember, it’s not one person to construct or destruct the whole lots of industries, it’s the matter of whole political party/government?
Will you also believe there were only 1-2 Politicians responding to this greatest “Healthy Las Vergas Broken Hill economy model”?
Why the most Politicians do fail their own test in spend little brain work to revitalize agriculture and manufacture industries who with $1.65 million Tax payer’s money each annual spending for?
Masealake (Member of Inventor Association QLD)
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