Australians could spare HUNDREDS dollars if they switch to a smaller telco, according to a new report from Tom’s Guide’s sister financial advice site, Mozo.
Mozo’s Cost of Connecting report, released today, has found that broadband customers can save up to AU$495 a year and mobile customers can save up to AU$142 a year if they willing to ditch the bigger telcos and “go small”.
“When it comes to mobile and broadband plans, consumers who shop around can save big, but according to the ACCC, less than 11% of Australians choose these smaller players,” says Mozo personal finance expert Rachel Wastell.
“Many consumers choose to stick with their current plans for convenience or loyalty, and close to half of Australians choose one provider over all others, but the truth is that consumer loyalty can often come at a cost.”
According to the latest ACCC report, almost half of all Aussies are signed up to Telstra for their mobile and broadband plans. Owning massive shares of the NBN and non-NBN wholesale markets (44% and 38% respectively) and the mobile services market (43%), the telco is synonymous with nationwide coverage and availability. However, with premium plans and cost of living pressures rising, high telecom prices don’t always offer the best value for money.
Mozo’s analysis compared 258 NBN and 5G broadband plans from 56 providers, and 374 contract and prepaid 4G and 5G plans from 49 providers. After considering monthly costs, setup fees and introductory discounts, experts identified the best value plans and providers in the 2024 Expert Choice Awards.
How to save on your internet bill
According to Mozo’s research, 80% of broadband award winners were smaller brands, including Flip, Spintel and Superloop. Other high-scoring providers include TPG, which was the only major retailer to secure a win across all NBN and 5G categories.
For Australia’s most popular speed tier – NBN 50 – Mozo’s report found that consumers could save up to AU$133 a year if they switched to one of the aforementioned providers. On NBN 100 plans, customers can save up to AU$164 per year and NBN 250 users can save a modest AU$252. The maximum savings on offer of AU$495 go to NBN 1000 or Ultrafast customers, with plans averaging AU$147/m.
Flip took first place for overall broadband provider of the year thanks to its affordability across 4 NBN speed tiers. Flip offers a surprisingly low price of AU$73.90 p/m for its NBN 50 plan after introductory discounts, which is well below the average of AU$80.66 for the tier. The telco also offers savings on its plans from Basic II (25Mbps) to its Superfast plan (250Mbps).
If you want to see what plans other NBN price providers are offering, you can view them in the widget below.
In terms of 5G broadband and NBN alternatives, TPG, iiNet and Spintel took the top gongs. iiNet has been a favorite provider of ours recently, thanks to its affordable and reliable 5G plans. The telco’s current introductory offer clocks in at AU$10 per month for the first six months on both of its 5G offerings. Typically, most 5G plans fall within the AU$58-96 p/m range, but with this discount, iiNet’s plans offer great value.
If you’re interested in checking out one of iiNet’s 5G offerings, you can find them in the widget below.
How to save on your mobile phone bill
The ACCC has previously stated that Aussies use an average of 15.9GB of data each month on contract mobile plans, which we can safely assume means that the more data your phone needs, the more likely it is pay
Mozo’s research shows that for most people, data usage falls between 17GB and 45GB per month, and the average cost of a 5G plan is around AU$36 p/m. The Mozo Award winners in this category were Moose Mobile and Lebara Mobile, with Moose Mobile claiming the crown in five 5G categories and winning the 5G Paid Mobile Plan Provider of the Year title. Meanwhile, Spintel was recognized as the 4G Postpaid Provider of the Year, securing wins in 4 categories.
Switching to any of these providers could save you up to AU$142 per year, depending on your typical data usage. If you use between 17GB and 45GB, you can score savings of up to AU$90, while other users with higher data usage (ie anything above 45GB per month) can see those maximum savings of AU$142.
If you’re looking to switch your phone to a contract plan or want to see what plans these providers offer, you can check them out in the widget below.
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