MEDIA RELEASE - NBN CHAIRMAN FAILS TO SUBSTANTIATE BIZARRE CLAIMS ABOUT SALE VALUE OF NBN - 24 JANUARY 2019

Joint with Jim Chalmers MP, Shadow Minister for Finance.

Following 92 days of attempting to circumnavigate its Chairman’s train of thought, NBNCo has failed to produce any evidence to support the Chairman’s claim that the NBN could achieve a market sale value of $50 billion.

Furthermore, NBNCo has confirmed the company has not received advice from any advisory firm, investment bank, market analyst, or suitably qualified professional, to support the Chairman's claims.

This scrutiny follows an exchange before the Senate where the Chairman, in response to questions about the market sale value of the NBN, made the following assertion:

Mr Switkowski: “I could certainly generate - and do generate - figures around $50 billion for the value of this company in the early 2020s.”

Questions on Notice from Labor Senators afforded NBNCo the opportunity to produce analysis or advice to support the claim, but the Senate tellingly received a heavily delayed response with no attempt to substantiate the claim.

Given the significant difference of opinion with reputable analysts, the Chairman either needs to support his statement with evidence or correct the public record.

No amount of misleading spin can hide from the fact the flawed decision to use copper and HFC has severely damaged the long-term economics of the NBN and destroyed taxpayer value.