NBN Co SAU Replacement Module - Regulatory cycle commencing 2026

This consultation paper sought stakeholder views on the replacement module that should apply during NBN Co’s next regulatory cycle commencing in July 2026.

The replacement module allows for important regulatory settings established under NBN Co’s Special Access Undertaking (SAU) to be updated so they can remain effective in promoting the long-term interests of end users.

These settings include:

• the length of the regulatory cycle which must be either 3, 4 or 5 years in duration
• a service standards proposal
• a building block model proposal, which includes values for expenditures, depreciation expenses, the regulated asset base and the weighted average cost of capital
• an entry level offer proposal
• any re-categorisation of products and services from core to competitive.

The deadline to provide a written submission in response to the consultation paper was 19 September 2025.

We encouraged stakeholders that prepared a submission to reference NBN Co’s replacement module application and support materials.

We will continue to publish any additional materials provided during the consultation period and encourage stakeholders to check the pages regularly for updates.

Following consideration of submissions, we may consult further on any residual issues before releasing a draft and final decisions. View our indicative timetable for consideration of NBN Co's replacement module application.

We have provided the following material to help stakeholders prepare submissions on the replacement module. 

The ACCC is reviewing its approach to determining the weighted average cost of capital (WACC). We intend to develop a general methodology that informs our consideration of WACC across regulatory decision-making processes including NBN Co’s replacement module application.

The ACCC has engaged Cambridge Economic Policy Associates (CEPA) to advise on the methods that we should adopt. We are consulting on the methodologies proposed by CEPA as part of this process and the voice interconnection services inquiry. CEPA has prepared a draft report on its recommended general WACC methodology and a short note on application of this general methodology including its WACC estimates for NBN Co.

The ACCC invited submissions in response to CEPA’s draft report and short note in association with the replacement module application consultation paper by Friday 19 September 2025.

We also welcomed feedback from stakeholders from non-telecommunications industries or stakeholders who were not directly engaged with NBN Co’s replacement module application consultation on the general aspects of the WACC methodology proposed by CEPA.

The ACCC also received submissions on Cambridge Economic Policy Associates (CEPA) draft report on weighted average cost of capital (WACC) methodology.

Further submissions on CEPA’s draft report were received as part of the voice interconnection services access determination inquiry. The submissions will be made available at Voice interconnection services access determination inquiry.