Ultra-high definition 8K TV is coming. Virtual and augmented reality is here. The “internet of things” is coming. Australians like to be early adopters, and according to the NBN no other country is spending anything like as much per capita on fast broadband. Yet despite sinking $50 billion into the NBN, with the rollout nearing the halfway mark, Australia is slipping lower on worldwide rankings for internet speeds: as a nation we are getting 10 Mbps on average, placing us 51st. Three years ago we ranked 44th. What on earth is going on?