The Australian Communications Authority (ACA) has so far raised $87,369,800 from bids for the 1.8Ghz spectrum auction underway this week.
Bidding for the spectrum, which is expected to be used for mobile services, began yesterday.
Hutchinson Telecommunications, One.Tel, Cable & Wireless Optus, Primus, Telstra, Vodafone and Siemens each lodged applications for the auction last year.
Yesterday's bidding was centred around spectrum lots in Sydney and Melbourne, with strong bidding from Hutchinson, One Tel and Primus.
Siemens, who announced last year it would look to partner with a network operator if they successfully acquired spectrum, dropped out of the race yesterday for unknown reasons.
The auction, which includes spectrum in Sydney, Melbourne, Brisbane, Perth and Adelaide continues today.