The Federal Government issued a new statement of expectations for NBN Co. The report encompasses replacing former goals on build completion and minimum speeds with a new set of guidelines. The guidelines are said to focus on NBN Co’s corporate governance and national interest objectives.

Communications Minister Paul Fletcher said, “NBN Co is moving into a new phase, with the rollout complete, and its increasingly strong financial results mean that retained earnings can be directed into further enhancing the digital capability of Australia.”

He further added, “The government expects that NBN Co takes a demand-driven approach in making commercially sound investments to meet the current and future needs of Australian households and businesses, wherever they live.”

“The statement also has a strong focus on NBN Co’s ongoing role in improving outcomes in regional and remote Australia, supporting retailers to deliver affordable, reliable and resilient services to consumers, and promoting competition and innovation.”

On the other hand, NBN Co will focus on growing its revenues, reducing costs, and allow for ongoing investment in the network to meet the changing needs of households and businesses. This is according to finance minister Simon Birmingham. The finance minister also said, “This will empower the NBN Co to continue providing Australians with access to a fast, reliable broadband network, at the least possible cost to the taxpayer.”

Birmingham further added, “Significantly, the statement also sets out the Morrison Government’s expectations of accountability by the NBN Co’s board to meet the highest standards of transparency and governance for corporate and government-owned entities.”

The governance expectations include: “setting strategic direction, organisational leadership and establishing and maintaining a culture that meets the high standards expected by the public in relation to (but not limited to): (1) efficient, effective, economical and ethical expenditure of money; (2) proactive and open disclosure of information that is reasonably in the public interest; and (3) following best practice principles and guidelines that go beyond strict legal obligations (e.g. probity and value for money); (4) creates an engaged results-orientated staff culture that minimises unplanned turnover; and (5) setting a remuneration structure that balances reasonable reward for meeting clearly defined objectives where achievement is genuinely ‘at risk’, with public expectations for compensation.”

The last iteration, which was issued in 2016, was replaced by the new SoE. “NBN Co should continue to compete fairly in markets where it participates in accordance with legal and policy parameters, and promote competition in retail broadband markets,” the SoE says.