How has NBN Technology impacted Australian economy? - Kalkine Media

April 04, 2022 03:59 PM AEST | By John Guevara (Guest)
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp

The National Broadband Network (NBN) was set up by the Australian government in 2009. The main objective of the project was to increase the speed and connectivity of broadband to all businesses and homes in the country.

In April 2009, the NBN was the largest public investment project to be undertaken by the government. The project involved the use of fibre optic technology to substitute the existing copper infrastructure used in most parts of the country.

NBN Co. was the contractor under the supervision and financing from the federal government. However, the whole project faced numerous challenges ranging from political intolerance to modification of different aspects.

What is the impact of NBN on Australia’s economy?

Broadband Services

The NBN offers value by providing useful and valuable services to customers across the country. There are six broadband services with a range of economic benefits. Each of these services offers economic value that’s proportional to their potential availability.

Below are the six broadband services:

  1. Cloud computing

Cloud computing has proved to be one of the most important innovations in the modern world. Most businesses have embraced this technology because it helps reduce capital and operations costs for Information and Communications Technology departments. The amount saved depends on the technology’s intensity in different sectors of the economy.

Besides, cloud computing helps businesses save storage space and secure vital information on the cloud. The technology has also made it easy for business owners to run their businesses wherever they are at any time.

  1. Online higher education

Gone are the days when people had to physically attend school to be taught. All this has changed with internet penetration across the country. NBN has helped increase connectivity as well as internet speed, making it easy for learning institutions to facilitate learning. Some colleges have adopted a hybrid system of learning that combines both remote and physical learning. Others have gone fully online – offering classes to students across the world.

  1. Electronic commerce

Another major impact of NBN technology can be seen in the e-commerce space. Before the introduction of NBN technology, Australia was lagging behind in terms of online shopping. But since the arrival of NBN, several e-commerce companies have emerged to take advantage of high internet speed and connectivity. It has become easier to promote and sell products and services over the internet as opposed to physical stores. This has significantly increased government revenue through taxation.

  1. Telehealth practices

Health is one of the sectors that has greatly been transformed by NBN technology. The concept of telehealth gained popularity because of the high internet speed and connectivity. It has helped bridge the gap between healthcare providers and the high number of patients.

With telehealth, patients can receive medication without necessarily visiting a doctor. Clinicians are able to offer consulting services and follow up with the progress of their patients through specials apps and wearable devices.

  1. Remote working

The COVID-19 pandemic was an eye-opener for many businesses in Australia and around the world. No one could have imagined that it was possible to work remotely and deliver results. Without NBN technology, working remotely would not have been easy.

Because of NBN technology, government institutions and businesses around the country are able to employ remote workers and outsource some of their work to international organisations. This has significantly increased the labor force and improved the country’s economy.

Teleworking has numerous advantages compared to working in a physical office. Many organisations have resorted to remote work culture because of its flexibility and convenience.

  1. Entertainment services

This is another area that has been impacted by NBN technology in a big way. Entertainment used to be centralized or more controlled before the launch of NBN technology. But things have drastically changed, thanks to high internet speed and connectivity. The expenditure on online entertainment has significantly grown among many households.

The technology has also encouraged creativity among Australians – hence generating more business opportunities. For example, musicians and other artists are able to create their music and content and share them over the internet. This is different from what used to happen many years before the advent of the internet. More business means more tax revenue for the government.

In a nutshell, NBN technology has had a great impact on Australia’s economy. The increased internet speed and connectivity around the country has not only created job opportunities but also transformed the health sector.

There are many companies that specialize in installing high-speed internet at schools, businesses, and homes. Check out NodeOne today for more information on how you can get connected.

Author Bio:

John Guevara is an Outreach specialist and content editor at Local Digital. His passion for helping people in all aspects of digital marketing flows through the services he provides to his agency and its clients.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

5 ASX Companies Leveraging AI to Drive Growth in 2024



Top ASX Listed Companies


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.