HYR Discussion, page-30

It affects all telcos is correct. But it affects Telstra's earnings more because Telstra is used to fat margins.

Telstra's problems are not just mobile. Quoting the AFR article linked earlier:

"Telstra gets a double negative whammy from the NBN roll-out because its profit margin on broadband connections more than halves, and it loses all of the revenue from former wholesale users of its fixed-line network."

I think also you are too focused on Telstra as a telco. Their competition across all of their business segments is not just telco. It's the Ciscos, the Oracles, the EMCs, Microsoft, Amazon, Google, plus the thousands of IT integrators.

On the technology front they've got businesses like Ooyala that do streaming video - how many competitors in that business? What about Autohome?

Telstra is trying to transform itself into a technology business. The question is can they do it quickly enough to offset the declining telco profits? Why do you think Telstra should be any better at any of these new businesses (read: industries) than their thousands of competitors?

That's a genuine question.