Melbourne, Victoria May 11, 2023 (Issuewire.com) - One third of Australian consumers would consider downgrading their internet speed to save money, however they dont realise they can actually reduce internet costs without compromising speed.

According to research undertaken by broadband internet comparison and connection service Compare Broadband, there is a misconception in the market that to reduce internet costs, sacrificing speed would be necessary. In reality, two thirds of consumers are already paying too much and could be on a cheaper internet plan while maintaining their current internet speeds. 

This news is likely a welcome surprise for most Australian consumers given the preference for high internet speeds. More than half (58.2%) of Australian consumers listed internet speed as the most important factor in why they wouldnt downgrade. 

Compare Broadband CEO Scott Kennedy believes the research findings reveal that Australian consumers are feeling the pinch of cost of living pressures and are reacting accordingly. 

With interest rate rises and inflation increasing cost of living, it's no wonder Australian consumers are looking at how they can pay less for their internet each month. The issue is that there is a misconception that to reduce internet costs you need to accept lower speeds. The truth is, this just isnt the case.

A good standard for internet speed is around 50Mbps. That will enable multiple people in a household to access the internet simultaneously, enable streaming, video and more. Typically for an unlimited data plan with speeds of 50Mbps, consumers will only need to pay around $55-$70 a month. Our research found that more than half of Australian consumers are paying over $70 a month which reveals that millions of Australians could most likely be on a cheaper plan with the same internet speeds.

With the NBNCo currently spending $2.4b on a network upgrade, theres even an opportunity to get double the speed for the same price if you live in an eligible area and are paying too much.

Also, most Australian consumers dont move internet providers frequently enough to take advantage of lower prices. In fact, nearly half havent moved internet providers in over three years which means it's likely theyre leaving money on the table. Given cost of living pressures, now is a great time to look into whether moving plans or providers will be advantageous. With competition for customers fierce, many providers may be able to offer you a better deal.

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Compare Broadband surveyed 3,059 customers in April 2023

Based on paying over $70 a month

42.6%

About Compare Broadband

Compare Broadband is an Australian owned company providing a free and impartial broadband and energy comparison and connection service.

Put simply, we set Aussie homes up right - by taking care of the things they need, but dont want to deal with, we save Australian households valuable time, money and stress.

We have hundreds of plans listed on our websites and are independent from internet service and energy providers, allowing us to take an objective approach to comparison and connection.

We have friendly broadband experts ready to take your call if you need help at any time during the process. Call our Australian call centre anytime on 1800 061 200.

www.comparebroadband.com.au