The Trans-Tasman Cable is connected, providing a 20Tbps fibre-optic connection between Sydney and New Zealand's Waikato coast. Operated by Vodafone, Telstra, and Spark, the link is the second and provides competition to the existing Southern Cross Cable.
I attended the New Zealand and Australia Investment Forum (which was far more interesting than the name would suggest) about a decade ago when a trans-Tasman was discussed but it's taken a while to happen.
As reported by ITNews, the fibre was meant to be lit in January so it's only a couple of months later than expected.
The competition is important. With just a single provider before, customers were at the mercy of a single provider. And even if we, as end users, don't see a price drop from the competition, it should help keep both businesses honest and help keep polices from jumping steeply.