Rank idiocy. More money for NBN.

In another sop to his union paymasters , Uncle Albo has announced a further $3 billion, of other people’s money, to be spent “upgrading” the NBN.

It seems that:

Anthony Albanese has announced that a $3bn equity injection will be made to the NBN so that more than 600,000 premises can be given access to fibre internet connections by 2030. According to him (Albo), this is finishing the job.

If finishing the job means sending Australia completely bankrupt, the then sure is.

Let’s get this clear. This is not money to connect new homes to the NBN. This is to upgrade existing connections. And according to my trusty calculator, $3 billion for 600,000 premises is $5,000 a pop. If you can believe that.

Given this is an upgrade only, there won’t be any additional revenue. Or if there is, it will be marginal with people upgrading plans. Let’s just say an extra $10 per month per house hold.

Assume everyone upgrades, and assume away risk and interest, that means that it would take 42 years, YEARS!, to just recover this capital. Given the budget is not in surplus, this $3 billion would need to be borrowed. The current rate on borrowing is around 4% so adding that in and the need for a commercial return means to would take well over 50 years to recover this capital.

WHAT A FRICKEN STUPID waste of money, but consistent with the economics coming out of Treasury and Treasurer’s office.

Why not just print money and burn it to keep people warm? Afterall, burning wood and paper to generate energy is consider renewable energy.

Also, does anyone think the internet will be run over cable in 10 years let alone 50?

What a bunch of MORONS!

I am really despondent.