I think they held back a little because of uncertainty when they...

I think they held back a little because of uncertainty when they chose 14.5c, 15c probably would have been the number this time and will probably be that next time.
They wont go over 15c i don't think because when they raise it they will be expected to keep it there so they will be conservative.
If they end up having too much cash and not much use for it a special dividend would be a likely outcome or possibly even share buybacks, free cashflow will probably increase steadily over the next few years especially as capex should head down as revenue rises slowly, great combination to have(falling capex and rising revenue).
Whilst revenue growth will be small going forward and the shares are priced for this reality i think analysts are underestimating the impact of lower capex as the 4G rollout slows and fixed line continues to fall.
The drag of Sensis is gone, fixed line being replaced by NBN and all other segments growing steadily!!!
I've said it before and will say it again now:
TELSTRA IS A CASH MONSTER!!!