Australia might be getting access to 5G data speeds sooner than expected with the communications regulator fast-tracking preparations to auction the necessary spectrum off to mobile network operators.

Speeding up the long process may bring forward revenue for the government, but also the capital expenditure costs for mobile network operators like Telstra, Optus, Vodafone and TPG.

Spectrum auctions have reaped at least $3.5 billion since 2013, including world-record prices spent on lower frequencies, which are more valuable to Australian operators because they carry signals further and with better penetration.

The Australian Communications and Media Authority on Monday revealed it is speeding up the process to release and sell part of the spectrum for 5G services - at the 26 gigahertz (GHz) frequency - which is currently reserved for fixed communications, space-to-earth signals and radio astronomy.