NBN chief Ziggy Switkowski announces fibre-optic cable won't be rolled out to all Tasmanian homes
TASMANIANS eagerly lining up for a journey on Australia's internet superhighway face a big U-turn, with NBN chief Ziggy Switkowski confirming yesterday that the premium fibre-optic service would not be rolled out to all premises as originally promised.
Dr Switkowski, who was in Tasmania to provide an NBN update, said there would be a mix of technologies, including the use of existing copper wire for premises connected to the network from next year.
But he said up to 80,000 Tasmanian premises would get the all-fibre rollout this year.
Premier Lara Giddings said the Federal Government had broken its NBN promise.
"It's absolutely appalling that the Australian Government is doing this to us because this is about Tasmania's future," Ms Giddings said.
"It's about our economy, it's about jobs, it's about how we future-proof this state, it is about how we compete on the global levels."
Mr Turnbull promised to honour existing contracts during last year's federal election campaign.
Visionstream secured a $300 million contract in March 2012 to provide high speed fibre-optic band to 200,000 Tasmanian homes and businesses by the end of 2015.
But Dr Switkowski said the latest plan would have a mix of technologies and wouldn't be completed until 2019.
That mix could be influenced by a plan to install fibre optic cable on power poles.
So this comes as no surprise, I mean seriously Tony Abbott had no intention of keeping the NBN contracts in situ for Tasmania and if you believed this when voting then you're a bloody fool! Tony's Government has cost Australia more jobs in the first 150 than any other government in the history of the country. It's going to get much worse…
Abbott's new world record: 25 broken promises in 150 daysMilestones in the life of a new government must be celebrated – or, in the case of the Abbott Government, lamented. Alan Austin reports. THE ABBOTT REGIME has reached a remarkable landmark – its 25th blatant broken promise. That's one every six days since the September election.
YouTube suspends Prime Minister Tony Abbott's YouTube accountTONY Abbott may claim he's "delivered on his promise", but over the weekend a glitch on video site YouTube meant his message was taken down for 'deceptive content'. Over the weekend Abbott released a video titled A Message from the PM – Delivering on Our Promises .
Shareholders' Association labels Gay penalties 'soft justice'
THE Australian Shareholders Association has renewed its criticism of the penalties handed down to former Gunns chairman John Gay.
Policy and engagement co-ordinator Stephen Mayne described as "soft justice" an Australian Federal Police decision against trying to retrieve money under proceeds of crime legislation.
He said it was the first case in which an ASX 100 chairman had pleaded guilty to insider trading, but the consequences had been "disappointing every step of the way — the lack of a custodial sentence, the size of the fine ($50,000) and now no ability to recover the proceeds in a company that went broke".
Mr Mayne said Gay had still applied to manage companies despite the Supreme Court's five-year ban.
Gay avoided a $797,798 loss by selling shares at 90c rather than the 68c that the shares fell to when the inside information became public.
The court heard that Gay had a $14.7 million debt with the ANZ Bank at the time of the $3 million share sale.
He had just received a cancer diagnosis and wanted to get his affairs in order.
His principal and interest repayments were $560,000 a year and he unsuccessfully sought a reduction to $280,000 a year.
In particular he wanted to clear a $2.1 million facility secured over the family home in Clarence St, Launceston, and a commercial bill facility.
Since the trade in December 2009 Gay has worked to get his affairs in order. His situation was exacerbated by the total loss of value in his personal shareholding as a result of the collapse of Gunns.
Gay once had 18.7 million shares worth more than $50 million but had reduced to 12.2 million shares, worth about $1.9 million, by the time Gunns collapsed.
Gay sold a house at Binalong Bay for $692,000 in November taking a loss of $143,000 from the 2005 purchase price. He has also sold a 162ha farm at Hagley last July for $1.8 million.
He retains the family home as well as a second farm at Hagley, where his son Richard farms, valued at $1.8 million.
Gay retains an interest in a family farm near Deloraine worth about $2.2 million.
Before his conviction, Gay was a director of a number of companies including Specialty Veneers, which bought several sawmills including the Deloraine sawmill and one at Somerset.
He resigned from Neville Smith Forest Products soon after insider trading charges were laid.