BGL 0.77% $1.29 bellevue gold limited

no money for broadband

  1. 3,605 Posts.
    Financial crisis could hurt broadband progress: Opposition
    Posted Tue Oct 28, 2008 12:22am AEDT
    Updated Tue Oct 28, 2008 12:32am AEDT


    Slow process...Nick Minchin says the project could run aground. (ABC News: Giulio Saggin)

    Related Link: ABC special coverage: Global Financial Crisis The Federal Opposition says the global financial meltdown will make it harder to finance the proposed national broadband network.

    The Government is promising $4.7 billion for the network, but the Opposition says the bidders will have to come up with about $10 billion extra.

    One of the bidders, the Optus-led consortium Terria, lost another partner yesterday when TransACT said it would no longer take part.

    Opposition communications spokesman Nick Minchin says the process is taking too long and the international meltdown could be making it harder.

    "It could be another 12 months before you've even got a contract signed for this and then a rollout," he said.

    "And given the global financial crisis we're all hearing so much about, whether any of the preferred tender - if there is one - can raise the money is a real question."

    Senator Minchin says the project could potentially run aground.

    "I think you've got significant doubts about the capacity to raise some $10 billion that would be needed from the private sector, doubts about how the Federal Government would invest its money in this scheme," he said.

    "[There are] doubts about the regulatory arrangements that would be required and how the Government would get them through the Parliament, so I won't be surprised if this whole thing does fall in a big hole."

    Bidders have until late next month to lodge their proposals.

    ..... FORGET THE FIBRE AND GO SATELLITE (WIMAX) FOR THE NON-TOWNIES ....... IT WILL BE CHEAPER THAT WAY ....
 
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