‘Ultra fast’ upgrade to NBN on the way
Australians will have access to "ultra fast" internet under a $3.5 billion upgrade of the National Broadband Network.
Three in four homes and businesses already on the fixed-line net network will have access by 2023.
Communications Minister Paul Fletcher will announce speeds of up to 1 gigabit per second on Wednesday.
"This is the right time for this network upgrade," Mr Fletcher said.
"There is a long-term trend of broadband demand growth - with a very significant spike this year as COVID-19 has changed the way we use the internet.
"NBN Co is now well placed to invest in Australia's broadband infrastructure to meet Australians' growing appetite for faster speeds."
The future-proofing of the network and NBN Co's push to connect more businesses to fibre services is estimated to create 25,000 new jobs across Australia over the next two years.
The upgrade will enable households to request connection to the faster speeds after upgrades in neighbourhoods already serviced by fibre-to-the-node technology.
Properties on the fibre to the curb network can also expect consistent speeds of up to 100 Mbps and then on-demand access to speeds to up to 1 Gbps.
NBN Co will borrow money from private debt markets to fund the project.
Finance Minister Mathias Cormann said the telco would also refinance its existing $19.5 billion Commonwealth Government loan by June 30, 2024.
The Federal Government this week announced up to $700 million funding to make business-grade fibre services more affordable and accessible.
Broadband services in regional Australia will also be improved under $300 million of co-investment which will allow NBN Co to team up with state governments and councils.
Originally published as 'Ultra fast' upgrade to NBN on the way