While we expect the NBN rollout to be delayed by 2-3 years, we forecast NBN revenues to grow at a 65% CAGR to reach A$2.0b by 2020. We believe revenues will be driven by subs growth (56% CAGR) with ARPU remaining flat, as we expect CVC charges to decrease in spite of internet traffic growth of 24% CAGR through to 2020.

This report provides a deep dive into our NBN forecasts and assesses the key trends and drivers that are emerging as the NBN rollout gathers momentum.