$400m cable to double internet capacity out of Australia
 

Two companies will invest an estimated $US400 million ($450 million) in a new 13,600-kilometre submarine cable that they say will double telecommunications capacity out of Australia and further reduce broadband costs to consumers.

Telecommunications company Pacnet and a new company created specifically for the new cable, Pacific Fibre, will invest the money and have it built by 2013.

They will tender for its build before year's end.

The plan to build the cable was revealed in March, when Pacific Fibre was searching for an investment partner.

Brisbane Times