After reading more details of the announcement it gets even better. The total package is actually $4.5 bio, another $700mio to improve business access to high speed broadband and $300mio for better regional access (NBN partnering with local councils and local governments).
I'm lucky to live in a block with fibre to the home and the difference is amazing. We have 2 people working from home, 2 students studying* from home and never have any issues with speeds.
* I use the term 'studying' very loosely!
Service Stream - A Boring Business, page-20
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