Mr HARTSUYKER (3:52 PM) —The opposition has a great deal of concern about mission creep on behalf of the NBN and the potential for the NBN to expand its provision of services. That is certainly an issue which we consider very carefully. There is certainly a great deal of concern amongst those in the telecommunications community about the issue of mission creep. We have great difficulty with that notion and the fact that the returns to other carriers who have made substantial investments in telecommunications can be diminished by virtue of the NBN effectively increasing its charter. These amendments are intended to reduce that possibility and ultimately result in a more highly competitive telecommunications market.

I have to take objection to the comments of the Leader of the House in relation to the coalition’s record in telecommunications, because it is clear that they want to create their very own personal monopoly at this point in time. We see the benefits of competition in the industry, even though the government is absolutely convinced of the need to create a monopoly to prop up its project. We see the impact of competition on the business plan, which basically means that the IRR on the project, based on a whole host of optimistic assumptions, was going to be seven per cent. They struggled and they struggled to get the IRR up to a princely 7.04 per cent on a project of this scale and magnitude. But, when you introduce competition into the equation, what is the return? Is it seven per cent? No, it is not seven per cent. Is it six per cent? It is not six per cent. It is barely five per cent. The Labor government is going to rip up 10.9 million backyards, spending a vast amount of money, for a return of a measly five per cent. It barely pays the interest on the bond issue. That is how appalling the rate of return on this project is. It is an absolute outrage that the taxpayers of this country are going to have to subsidise this project to the extent that they do. It is absolutely outrageous that they are going to have to subsidise this project through their tax dollars and through restraint on competition. I commend these amendments to the House.