The Australian government today announced its intention to build a new national broadband network to connect 90 percent of homes, schools and workplaces with fiber to the premises at 100 megabits per second. The remainder will connect via satellite and wireless at 12 megabits per second.

According to a release from Australian Prime Minister Kevin Rudd, this will be the single largest nation-building infrastructure project in Australian history.

To build and operate the network, the government will establish a new company with private-sector involvement, and the government "intends to sell down its interest in the company within five years after the network is built and fully operational, consistent with market conditions, and national and identity security considerations," according to the release.

The company -- jointly owned by the government and the private sector -- will invest up to AUS$43 billion (about USD$30.5 billion) over eight years to build the national broadband network. The rollout is expected to begin in Tasmania as early as July.