Found this, not sure if its the one you've read. But it talks about TLS going after NBN same as TPM/VHA, overally still "good" news. Defensive doesn't mean its not immune to events like the one we are facing now. It just means your Unrealised capital gains would get smaller before it gets way bigger once its over.
https://www.copyright link/business-summit/telstra-warns-nbn-will-lose-customers-as-it-enters-wireless-battle-20200311-p54902 Telstra is coming for NBN customers Mar 11, 2020 — 3.27pm
Telstra chairman John Mullen has vowed to go head to head with the national broadband network for customers in lucrative city areas, warning that the government-owned wholesale provider could lose a lot of customers.
In comments that will alarm executives at NBN Co, as it closes in on the completion of its initial rollout, Mr Mullen toldThe Australian Financial Review Business Summit in Sydney that he believed up to 30 per cent of the market could ditch fixed-line internet connections.
Telstra chairman John Mullen says the company will be looking to sell 5G fixed wireless services; it just won't be able to advertise against the NBN. Janie Barrett
He had been asked to clarifyearlier remarks made by Telstra chief executive Andy Penn, which had suggested a focus on fixed wireless. This would go against perceptions of a non-compete agreement between Telstra and NBN, that was part of the deal signed to transfer Telstra's assets.
"Telstra by the arcane nature of the various agreements that we entered into during the formation of the NBN, is not allowed to advertise 5G fixed wireless as an alternative to the NBN. But we are certainly allowed to build that capability," Mr Mullen said.
He pointed to aggressive advertising campaigns by TPG as an example of how internet service providers are trying to wrest their own customers off NBN's infrastructure and on to their own, where they have more control on their margins, and said the service would be a fine substitute for the existing national broadband network.
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Apr 19 Jul 19 Oct 19 Jan 20 2.00 3.00 4.00 5.00 Late last year, Telstra said it would no longersell 100 megabit per second NBN plans to people on fibre to the curb (FTTC) and fibre to the node (FTTN) connections, because the service could not deliver the promised speeds.
Mr Mullen said fixed wireless could struggle in the homes of some power users, such as families with multiple teenagers streaming high definition content and games concurrently, but he believed it would be great for many households, such as his own, where the internet use is moderate.
"There is no doubt that the fixed wireless alternative will take share from the traditional fixed-line operators, it's happening all around the world, notably in the United States, and it will happen here," he said.
"[NBN] is going to have a tough time, I feel for them. It is going to be a migration of somewhere between 10 and 30 per cent probably."
Thelatest available numbers from the Australian Bureau of Statistics show that in 2018 there were 14.72 million broadband subscribers in various forms in Australia.
Optus is the only mobile network operator offering a 5G fixed wireless product . But following the Federal Court decision to allow Vodafone and TPG to merge, Vodafone chief executive Inaki Berroeta has said the merged company, which he will head, will also sell a fixed wireless product.
Mr Mullen's comments come in the context of an increasingly prickly relationship between NBN and internet service providers.
Telstra, along with other telcos such as Optus, haveregularly campaigned for a cut in the wholesale price charged by NBN, saying it is impossible to turn a profit reselling it.
NBN has alsohad territorial issues with the likes of Telstra and Vocus , which have objected to its efforts to move in on some of their enterprise clients, in a way the telcos believed exceeded NBN's mandate.
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