NBN Co boss Stephen Rue has refused to rule out increasing wholesale prices as the telecommunications sector waits on its renewed attempt at a regulatory proposal that determines how it sells internet plans.

Communications Minister Michelle Rowland said last month a policy change – namely leaving NBN Co in public hands for the time being – meant the organisation could create a pricing model that would provide affordable, quality internet.

While Rue on Tuesday declined to comment on the revised discussion paper on the matter, which will be released later this week, he said it was important the National Broadband Network remained “financially resourced.”

“We need to have cash flow so that we can continue to invest in the network to deliver good customer service and meet our obligations. It’s in everyone’s best interest for NBN to be financially resourced,” he said.

NBN Co was seeking approval from the Australian Competition and Consumer Commission to immediately increase wholesale prices and gain full discretion to increase prices year-on-year under a regulatory framework called the Special Access Undertaking (SAU). The SAU determines how much it can charge wholesale customers including Telstra, Optus and TPG Telecom.

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However, Rowland declared the initial proposal, which would dramatically increase the cost of internet, “unacceptable” and asked NBN Co to go back to the drawing board.

Rue’s comments were made as NBN Co posted a 10 per cent increase in revenue for fiscal year 2022 of $5.1 billion.

Earnings before interest, tax, depreciation and amortisation (EBITDA), after subscriber costs, was $3.1 billion and the company said it had raised $7 billion in bank and capital markets debt. NBN Co also repaid $6.8 billion of $19.5 billion Commonwealth loan, bringing the outstanding balance to $6.4 billion.