3 years ago
$78 MILLION IN NBNCO CORPORATE BONUSES IS OFFENSIVE
MICHELLE ROWLAND MP
With revelations NBNCo paid out $78 million in corporate bonuses, the gap between announcement and delivery has never been more stark.
These bonuses were linked to Financial-Year (FY) 2020. Let’s examine what NBNCo once said they would achieve, and what was actually achieved in that time:
These bonuses were linked to Financial-Year (FY) 2020. Let’s examine what NBNCo once said they would achieve, and what was actually achieved in that time:
- The 2018 NBN Corporate Plan set a revenue target of $4.9 billion for FY2020 (p32). NBNCo achieved $3.8 billion.
- The 2018 NBN Corporate Plan set an activations target of 8.1 million premises by July 2020 (p32). NBNCo achieved 7.3 million.
- The 2018 NBN Corporate Plan said the rollout would cost $49 billion (p34). The cost is now forecast to reach $57 billion.
NBNCo missed each of these targets. So, what exactly is taxpayers’ money being used to reward?
The only reason NBNCo claims to have met some of its so called “targets” for FY2020 is because those “targets” were dramatically revised down in August 2019 to levels that were impossible to miss.
This devious practice under the Liberals, which has been called out and documented on multiple occasions, has been going on for years and is an insult to taxpayers.
Scott Morrison effectively sacked the CEO of Australia Post on the floor of the Parliament for spending $20,000 on Cartier watches.
Where does the Prime Minister stand on NBNCo executives deciding to pay out $78 million in unjustified corporate bonuses during the worst recession since the Great Depression?
The amount of taxpayer waste occurring under Minister Fletcher is extraordinary. This hapless Minister is clearly too incompetent and out of touch to run his portfolio properly.