I work in the telecom industry in a leading network equipment...

I work in the telecom industry in a leading network equipment provider. The ACCC has no clue how the industry works, nor do they have any understanding of the limitations TPG's license has. With the frequency holding of TPG, it can NEVER launch a service which is not reliant on other networks.
More importantly, the 5G costs are so enormous that in US, the operator are actually sharing 5 G infra costs to be able to provide the service. Even in China its the case https://www.fiercewireless.com/5g/china-s-carriers-to-build-a-shared-5g-network

The best outcome for Aus market is the merger of VHA and TPG, both of which will gain Critical mass to challenge the likes of Telstra and Optus. Without this merger, both will be small and not a serious competition to the overpriced Telstra offerings.