Communications and Information Technology Minister Steven Joyce revealed that a sum of $248 million for the Government's flagship broadband initiatives. This measure will help New Zealand develop faster and be more competitive.

A sum of $1.5 billion is proposed to be invested by the Government to its ultra-fast broadband initiative, which includes the rolling out of fiber to businesses, schools, hospitals and 75 per cent of New Zealanders over the coming decade.

An extra $200 million of that capital funding in 2010/11, is allocated by the budget for investment in ultra-fast broadband infrastructure by Crown investment company Crown Fibre Holdings, in addition to the $200 million, which were allocated last year.

Mr. Joyce added that Crown Fibre Holdings will be able to make considerable contract commitments with the private sector, to begin rolling out the new network on schedule, with the help of this funding.

An amount of $48.3 million is provided by the budget 2010, so that schools can also derive benefits of ultra-fast broadband. The schools will be able to upgrade their internal networks and consequently can enjoy a fast, reliable connection to ultra-fast broadband.

Mr. Joyce said, "This is further evidence of the Government's commitment to a step change in broadband speeds across the country. Faster broadband is another way we are helping the country to grow faster".