Taxpayers Fund NBN White Elephant Cost Blowout

The Age reports that the cost to taxpayers for the NBN have blown out by a staggering $4.6 billion over the next ten years:
NBN Co's broadband network will cost $1.4 billion more to build and $3.2 billion more to operate than first expected - altogether $4.6 billion over ten years – but rollout targets are being met, according to an updated corporate plan.

The defence is that "The increased costs will see NBN Co taking in more revenue from 2018 onwards, giving it about $10 billion annual revenues in 2028 rather than $8.5 billion if the additional investment were not made".

If anyone believes that, I have some snake oil to sell them, after all, the forecasting models used by NBN Co have been proven just so reliable:
About 13,500 premises were connected via either fibre, fixed wireless or satellite in June 2012, the updated plan reveals. A total of 92,000 will be connected by mid-2013, when the next federal election is expected, and about half a million premises will be connected a year later.

In the last corporate plan, written in December 2010, NBN Co forecast it would have 419,000 premises connected by June 2013.


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