Author: Matthew Miller

Quick Overview

• In 2024, AU$3.5 billion in losses were attributed to crypto hacks, reflecting a 21% rise from 2023.
• A total of 303 hacking incidents were documented, continuing a concerning pattern.
• DeFi platforms are still the main targets, making up the bulk of the losses.
• North Korean hacking factions are involved in a large share of these attacks.
• Enhanced security measures and regulatory frameworks are vital to address this escalating problem.

Quick Read

• The Communication Workers Union (CWU) cautions against NBN privatisation, pointing to national security threats.
• Privatisation risks increased broadband costs and diminished service quality over time.
• The CWU underscores the crucial function of NBN in national defence and vital Australian services.
• The union likens potential risks to the pattern of escalating electricity prices following privatisation.
• Legislative measures have been suggested to block the sale of NBN Co and its assets.

National Security Concerns Regarding NBN Ownership

The Communication Workers Union (CWU) in Australia has raised a significant alert regarding the dangers of privatising the National Broadband Network (NBN). In a submission to an inquiry concerning proposed legislation, the CWU contends that the NBN should stay under government oversight to protect national security interests. The union asserted that a strong, secure, and accountable broadband network is essential for Australia’s sovereignty and safety.

As Australia progresses in digitising essential services such as healthcare and financial transactions, the secure infrastructure of the NBN becomes even more crucial. Additionally, the network is pivotal in bolstering Australia’s security forces and defence mechanisms, making the ownership and management of the NBN a priority for national significance.

Economic Repercussions of Privatisation

Beyond security issues, the CWU pointed out the possible economic consequences of privatisation. Drawing parallels with the privatisation of electricity assets during the 1990s, the union warned that broadband costs could rise sharply if the NBN were transferred to private owners. Since privatisation, electricity prices in Australia have consistently exceeded inflation, and the CWU expects similar developments for broadband services should the NBN cease to be publicly owned.

The union also cautioned against a decline in service quality, claiming that privatisation would likely favour profit over consumer needs. They advocate that maintaining government oversight of the NBN would guarantee cost-effective and high-quality broadband provisions for Australians in the long run.

Legislation Initiatives to Protect NBN

The Australian government has put forward legislation aimed at averting the future sale of NBN Co and its network properties. This action mirrors the CWU’s perspective that the network should stay as a publicly owned entity to uphold national interests. By enshrining public ownership into law, the proposed legislation seeks to tackle both security and economic apprehensions.

The CWU has company in its advocacy. The notion of public ownership of crucial infrastructure like the NBN is a subject of ongoing discussion, with many Australians endorsing the view that essential services ought to remain accountable to the populace rather than profit-driven organisations.

Summary

The Communication Workers Union has expressed firm opposition to the privatisation of NBN Co, citing substantial threats to national security and economic resilience. The union maintains that preserving the NBN under government management guarantees a secure, accountable, and high-quality broadband service for Australians. Proposed legislation seeks to safeguard the networks by preventing the sale of NBN assets, addressing these issues and protecting the nation’s interests.

Q&A: Major Questions Regarding NBN Ownership

Q: What is the CWU’s reasoning for viewing NBN ownership as a national security concern?

A:

The CWU asserts that the NBN supports critical infrastructure for defence and security operations. Keeping it under governmental authority ensures its security, independence from foreign influence, and accountability to the Australian populace.

Q: What impact might privatisation have on broadband costs?

A:

Privatisation could result in elevated broadband prices, as private enterprises often focus on profit margins rather than accessibility. The CWU compares this with the rising electricity costs seen post-privatisation of energy assets in the 1990s.

Q: How does NBN impact Australia’s essential services?

A:

The NBN is foundational to the digitisation of crucial services, including healthcare, financial operations, and emergency communications. A secure and dependable broadband network is essential for these services to operate effectively.

Q: What objectives would the proposed legislation achieve?

A:

The proposed legislation aims to impede the sale of NBN Co or its assets, guaranteeing that the network remains publicly owned and managed. This would protect both national security and consumer interests.

Q: What are the benefits of public ownership for Australians?

A:

Public ownership guarantees that vital services like broadband are administered with the public’s priorities in mind, rather than being profit-driven. This can lead to more accessible and trustworthy services.

Q: Could service quality be compromised by privatisation?

A:

Indeed, the CWU warns that service quality could decline with privatisation, as private firms may concentrate on cost reduction and profit instead of maintaining and enhancing the infrastructure.