The Australian Government has revealed plans to set up a majority owned company to build a A$43 billion national high speed broadband network after no single company was willing to meet its needs in a tender process.

The new company, which could be 49 per cent owned by the private sector, will invest the A$43 billion over eight years to build the network. The planned new network will connect 90 per cent of Australians with broadbande speeds of up to 100 megabits per second via a fiber to the premises network, and will connect the remaining 10 per cent of Australians through next generation wireless technologies.

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