The Australian government has pledged this week to provide an additional AU $3 billion (US$1.86bn) to support NBN Co's fiber network upgrades.

NBN Co noted that the investment is in addition to more than AU$800 million (US$494m) of its own investment.

According to NBN, the funding will enable it to upgrade the remaining Fiber to the Node network across Australia, which still uses copper.

NBN, which is a state-owned corporation of the Australian government, is in charge of the design, build, and operation of Australia's National Broadband Network (NBN) as the nation's wholesale broadband provider.

NBN notes that the funding will "benefit around 622,000 homes and businesses across the country," most of which are located in regional parts of the country.

The company said it expects that more than 95 percent of these homes and businesses will have the option to upgrade to NBN full fiber via NBN Fiber to the Premises. The remaining five percent require further design work to confirm the appropriate upgrade path, added NBN Co.

NBN noted that full fiber is faster and more reliable than Fiber to the Node, which uses copper to deliver broadband services, and enables access to NBN's fastest upload and download speeds.

The firm said that work on the upgrades would begin immediately. It expects the upgrades to be completed by the end of 2030.

"This critical investment will deliver access to better broadband to customers in the remaining part of our Fiber to the Node footprint," said Ellie Sweeney, chief executive officer at NBN Co.

"The upgrades will also significantly enhance Australia's economy. Independent economic modeling by Accenture estimates the economic benefit of upgrading the remaining Fiber to the Node footprint could increase GDP by AU$10.4 billion (US$6.42 billion), support 10,000 jobs, and create 4,000 businesses over the next decade, leading to more opportunities and growth for communities."

The Australian government has previously invested AU$2.4bn (US$1.48bn) to support NBN's fiber upgrades, plus AU$480m (US$296m) to upgrade the NBN Fixed Wireless and NBN Sky Muster satellite networks.

Last week, NBN Co signed a six-year Power Purchase Agreement (PPA) with AGL to procure energy from the Macarthur Wind Farm in Victoria.