Ann: TPG and VHA Merger of Equals Investor Presentation, page-129

Looks likely that TPG/Vodafone will get the spectrum on the cheap, if there where any surprise bidders in the pipeline finance would not be "concerned that there’s less competitive tension in the bid for the auction"

The government set a low minimum, and i see no reason why it get above minimum, 2 bidders with a max of 60MHz and 125 available, so even 5MHz wont sell even at the low minimum price.

https://www.itnews.com.au/news/finance-worried-tpg-vodafone-will-dull-5g-auction-price-51449