It's my understanding that the business case for that was submitted to different parts of the federal government a couple of years ago. It was a very expensive project. They did go ahead to prove the feasibility of the project, if I understand correctly. If I recall correctly, they actually had the permitting done for where the cable would actually touch land, so they did a lot of homework.
It was a very expensive project. I can note that now there are other competing ideas out there as well, including fibre.