Abstract: In Australia, NBN faces rising competition from various sources, including Uniti and TPG fibre, LEO satellites, and MNO fixed wireless providers. After a slowdown in 2023, FWA growth is picking up, continuing to pressure NBN. A figure around 900 thousand FWA services by FY28 is plausible. As FWA grows, calls for a level playing field in regulatory requirements may increase. MNOs find FWA more profitable than NBN resale, making the risk worthwhile despite potential policy issues.