On track and on target in FY22

2-minute read
Full year financial results for 2022 help ensure we are able to continue investing in the nbn® network to lift the digital capability of Australia.

Our network is the digital backbone of Australia, and it is constantly evolving as we help keep communities, businesses and all areas of society connected, and our nation productive.

With another financial year behind us as we fulfil our purpose of lifting the digital capability of Australia, nbn has released its Full Year Financial Results to 30 June 2022.

Over the past financial year, total revenue increased 10 per cent on FY21 to $5.1 billion.

This result was based on the addition of approximately 316,000 residential and business premises connecting to the nbn network, with the total number of premises now connected more than 8.5 million.

Other significant achievements during the reporting period include:

  • raising a further $7 billion in bank and capital markets debt, including the issuance of an $800 million Green Bond
  • increasing Residential Average Revenue Per User (ARPU) from $45 to $46
  • increasing revenue from the business segment by 20 per cent to $1 billion
  • repaying a further $6.8 billion of the $19.5 billion Commonwealth loan, lowering interest payments and reducing the outstanding balance to $6.4 billion 

Faster demand

There is increasing demand for faster internet from homes and business across Australia and we are continuing to invest in the nbn network to stay ahead of this demand.

And the past financial year was no exception.

As of 30 June 2022, 76 per cent of nbn customers were on retail plans based on wholesale download speed tiers of 50 Mbps and above.1

A further 18 per cent of residential customers are using plans based on wholesale speed tiers offering download speeds of up to 100 Mbps and above.2

Stephen Rue, CEO at nbn, says not only has the company achieved its full year guidance targets, the nbn network has continued to support people in Australia with activities including working, studying and staying connected to family and friends.

“Our continued financial management of the business will enable us to continue to invest in the network to deliver faster speeds and greater capacity for the benefit of all customers.” 

stephen-rue-portrait
Stephen Rue, CEO at nbn

Network upgrades

The financial results come as nbn remains on track to deliver on its extensive network upgrade program.

This includes making nbn’s highest wholesale speed plans available to up to 75 per cent of households and businesses in the fixed-line network by the end of 2023.3, 4, 5, 6

The Fibre to the Node (FTTN) to Fibre to the Premises (FTTP) upgrade program has been designed to enable up to two million premises to access the wholesale download speed tier of close to 1 Gbps (nbn Home Ultrafast) on demand by the end of 2023, and up to 3.5 million premises by the end of 2025.

Fibre to the Curb (FTTC) to Fibre to the Premises (FTTP) will enable almost one million premises to access wholesale download speeds of close to 1 Gbps by the end of 2022, and the remaining 500,000 FTTC premises will be able to access close to 1 Gbps by the end of 2023.3, 4, 5, 6

We have completed the latest stage of our Hybrid Fibre Coaxial (HFC) network enhancement program, enabling 100 per cent of the 2.5 million premises eligible to connect to this network access wholesale download speeds of 500 Mbps to close to 1 Gbps, on demand.

We’re also making progress in our $750 million program aimed at significantly enhancing the coverage, speed, and capacity of nbn’s Fixed Wireless network across Australia.

“We are pleased with the progress we have made in upgrading our network and look forward to continuing to deliver on these upgrade programs on behalf of customers in coming years,” says Stephen Rue. 

1 Retail broadband plans based on wholesale download speeds of 50 Mbps include retail broadband plans based on wholesale download speeds of 50Mbps and 25-50Mbps. The nbn wholesale speed tiers available to your phone and internet provider vary depending on the nbn access network technology in your area. Your experience, including the speeds actually achieved over the nbn network, depends on the nbn access network technology and configuration over which services are delivered to your premises, whether you are using the internet during the busy period, and some factors outside our control (like your equipment quality, software, broadband plans, signal reception and how your service provider designs its network). Speeds may be impacted by network congestion on nbn’s Fixed Wireless network, including during busy periods. Satellite users may experience latency. 

2 Retail plans based on wholesale download speeds of 100 Mbps include retail broadband plans based on wholesale download speeds of 100Mbps and 25-100Mbps.

3 NBN Co reserves the right to amend the list of targeted suburbs and towns for the local fibre network build at its discretion.

4 Conditions, eligibility criteria and costs will apply. Eligibility criteria is expected to include, among other things, being designated by nbn as a simple premises (e.g. standalone premises or Single Dwelling Unit (SDU)) and once the program is available for an eligible premises, placing an order for an nbn powered plan based on an eligible wholesale speed tier. Additional costs may apply to providers, who may choose to pass this charge onto their customers.

5 Regardless of the retail service you purchase, the actual wholesale speeds delivered by nbn’s highest wholesale speed tiers of 500 to close to 1000 Mbps will be less than 1 Gbps due to equipment and network limitations and the peak information rate may fall anywhere in this range. In addition, the HFC Home Ultrafast bandwidth profile downstream service provided to retail providers is a ranged profile with a maximum sustained information rate of 750 Mbps. Reference to speeds are not end user speeds; they are wholesale layer 2 peak information rate bandwidth provided to retail providers. An end customer’s experience, including the speeds actually achieved over the nbn network, depends on some factors outside our control (like equipment quality, software, and how your retail service provider designs its network) and the nbn technology used for your connection.

6 An end customer’s experience, including the speeds actually achieved over the nbn broadband access network, depends on the nbn access network technology and configuration over which services are delivered to their premises, whether they are using the internet during the busy period, and some factors outside of NBN Co’s control (like their equipment quality, software, chosen broadband plan, signal reception, or how their provider designs its network).