Aussie broadband scheme

The Australian government has formed a new company that is to build and operate a super-fast broadband network.

The network, the government claimed, will be the single largest infrastructure project in Australian history.

It will connect 90 per cent of all Australian homes, schools and workplaces with broadband services with speeds up to 100Mbit/s - 100 times faster than those currently used by many households and businesses.

In addition, it will connect all other premises in Australia with wireless and satellite technologies that will deliver broadband speeds of 12Mbit/s.

This company, jointly owned by the government and the private sector, will invest up to AUS$43bn over eight years to build the network.

The government's investment in the company will be funded through the Building Australia Fund and the issue of Aussie Infrastructure Bonds (AIBs), which will provide an opportunity for households and institutions to invest in the network.