"The big risk for TLS is the Govt introducing legislation to make it harder for TLS and easier for competitors."
I would hope not - its one thing to require Telstra to provide access to its network (which I don't agree with anyway) but legislating to prevent one company using infrastructure (especially when Telstra owned exchanges are hosting that infrastructure) that is available to all its competitors is the sort of thing that will make Australia as attractive a country to invest in as Zimbabwe.
Making life difficult for Telstra may increase competition but may not be best for consumers - greater competition is not necessarily that efficient - with greater competition comes duplication of technology, administration, finance, marketing, sales, product development and for telecommunications that also means bidding up the price of content all of which has to be recovered from consumers.
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