In the latest report from the National Broadband Network’s cost benefit analysis, it shows the Federal Government’s plan would provide $18 billion boost to the nation’s economy.

In line with this, the Government’s independent panel found the Coalition’s multi-technology plan to roll out high-speed Internet had better net benefits than Labour’s model of fibre to the premises.

This review revealed four different scenarios and found the Government’s model would deliver around $18 billion in net benefit as compared to almost $2 billion under Labour.

According to Minister Malcolm Turnbull, the analysis, conducted by leading economics adviser, Michael Vertigan, it would have been better if everything was done earlier.

“Now the tragedy of course is that this work was not done before Labour embarked on the NBN project back in 2009,” he quoted.

“I mean this is a great piece of work, but it would have saved tens of billions if it had been done four or five years ago.”

He also mentioned that the report verified the Government’s multi technology approach and its decision to not persevere with the Labours plan to take fibre into 93% of premises.

“On a financial basis, a purely financial basis, that saves over $30 billion,” he said.

“And when you do the cost-benefit analysis, which takes into account all of the social benefits to the whole society — e-health, education — even on that basis, the approach we’re taking is $16 billion better.

“You don’t need one gigabit per second to video conference with your lecturer or to have a video conference with a health professional,” Turnbull added.

Moving forward, the National Broadband Network (NBN) is making an all-out-effort to further improve Internet access and provide high speed Internet all over the nation.