perhaps so. But surely there must be some economy of scale in...

perhaps so. But surely there must be some economy of scale in having a few million users. I am in the process of going across to the nbn (one of the most frustrating things I have had to do because of Telstra’s hopeless systems - but that is another story). So Telstra is losing my adsl service and I will get the nbn at about the same price - but Telstra will miss out on their current margin. So what are Telstra offering me to gain some more of my hard earnt cash? Absolutely nothing! Zero! Ziltch! Only Foxtel that I got rid of years ago because it was of very little value to me. They have no vision for retail customers like me and millions of others. For at least the past ten years they have had exactly the same strategy - keep customers happy, have the best network and grow revenue. The first two are of little value to shareholders unless it translates to the third strategy of growing revenue. They have absolutely failed miserable to do this over the past ten years. It seems the best we can hope for is that they can maintain the dividend above what you can get in a term deposit in the bank. As long as they do that you can hold the shares and treat them as a perpetual term deposit - just don’t look at the share price!