23:04 ET<\/span><\/span><\/p>\nAustralia’s two biggest telecoms companies have joined the government’s A$36bn (\u00a324bn) plan to roll-out high-speed internet across the country.<\/p>\n
Telstra and Optus will close down their infrastructure and transfer customers to the state-owned National Broadband Network Company (NBNC).<\/p>\n
About 60% of households have broadband, but speeds are slow compared with many industrialised countries.<\/p>\n
The plan is to connect more than 90% of households to a super-fast network.<\/p>\n
The two telecoms companies already have extensive broadband operations, but the government said it would be more economical to bring all the parties together.<\/p>\n
Telstra estimates it could make about A$11bn over several decades from the new deal as it will earn revenues through disconnection payments as well a share of profits from the new network.<\/p>\n
Optus, owned by Singapore Telecommunications, will make about A$800m.<\/p>\n
“Two major telcos have now signed on with the NBNC and that will mean a very strong take up,” said Australia’s Treasurer Wayne Swan told reporters.<\/p>\n
“This will, of course, completely change the market structure in Australia,” he said.<\/p>\n
Broadband speeds in Australia are below the OECD average at 32.4 megabits per second.<\/p>\n
The slow speeds are blamed on the huge distances and rough terrain that makes connecting the towns and cities across the vast Outback an expensive investment.<\/p>\n
Opposition<\/span><\/p>\nThe aim is to deliver broadband speeds of 100 megabits per second to homes, schools and businesses.<\/p>\n
Only a few countries, including South Korea, Japan, and Germany, currently achieve such speeds.<\/p>\n
Prime Minister Julia Gillard has made wiring-up the country with fibre optic cables a key policy platform.<\/p>\n
But opposition parties have called the project a costly folly and promised to review the plans should they every get into government.<\/p>\n
The deal still needs approval from a vote by Telstra shareholders on 18 October and clearance from the competition watchdog.<\/p>\n<\/div>\n<\/p>\n
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