David Ramli, Australian Financial Review:
NBN Co has discovered a $5 billion blowout in its construction costs, partly caused by contractors demanding more money.
The Australian Financial Review understands NBN Co chief operating officer Ralph Steffens briefed senior executives at the company about the surprise construction cost increase on Thursday.
It comes as contractors demand more money for their work. Syntheo, a 50-50 joint venture between Lend Lease and Service Stream, recently announced it was pulling out of all NBN contracts amidst rising losses.
I’ve got a feeling this will be a shitstorm that will reverberate in a thousand sound bites from now until the end of the election.
James Hutchinson reports Malcom Turnbull has already called a press conference for 3pm. I guess that’s the thing about Friday afternoon high horses; you’ve got to jump on them quick, so they can make the 6pm news!