NBN Co has revealed that its Fibre Upgrade Program, aimed at upgrading premises from fibre-to-the-node (FTTN) or fibre-to-the-curb (FTTC) to full fibre connections, missed its target by 42 percent. The company aimed to upgrade 157,000 premises from FTTN to full fibre, but managed to upgrade only 89,626 premises by June 30. The program, known as the Fibre Connect program, seeks to enhance the quality and speed of broadband services for customers.
NBN Co’s CEO, Stephen Rue, highlighted that the progress of the program should be seen from a long-term perspective, considering it over a decade rather than a single fiscal year. He cited factors such as retail service providers’ (RSPs) readiness and IT system preparation as reasons for the program’s slower uptake. NBN Co aims to ramp up activity and orders in the coming months to meet its FY24 target of upgrading an additional 245,000 premises.
Despite the challenges, NBN Co reported total revenue of $5.27 billion for the fiscal year, a 3 percent increase year-on-year, with a reduced loss of $1.12 billion, down by 24 percent compared to the previous year.
