ANAO found NBN Co failed to communicate with its shareholder ministers for three full years (September 2020 – September 2023) — the period during which it sought and received $2.4B in additional Commonwealth equity funding. The corporation's governance obligations require regular performance reporting to shareholders, a basic accountability mechanism NBN Co simply ignored.
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$2.4B of Australian taxpayer money was wasted at NBN Co. ANAO found NBN Co failed to communicate with its shareholder ministers for three full years (September 2020 – September 2023) — the period during which it sought and received $2.4B in additional Commonwealth equity funding. The corporation's governance obligations require regular performance reporting to shareholders, a basic accountability mechanism NBN Co simply ignored.
Spread across Australia's 10.8 million households, that's roughly $222 per family — enough in total for funding roughly 20 public hospitals for a full year.
NBN Co didn't speak to its government shareholders for 3 years. During that blackout, it asked for — and got — $2.4B more of your money. No accountability. No oversight. Just a blank cheque. @reckonerAU
Every share puts pressure on the people responsible. Make it impossible to ignore.
I send every new finding. Daily. No fluff.