Seems like a good conservative approach to capital management to me.
They state they will no longer borrow to pay dividends, that's a plus.
They are not buying back shares at this stage, That's a plus, the price is too close to fair value to be a good use of the capital.
No special dividend due to not enough franking credits, I think that's a plus too, not returning capital to shareholders unless it has maximum benefit to them.
You don't want management throwing money around without a care.
Ann: Telstra Investor Update , page-6
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