Just checked the Hot Copper search and guess what , page-10

I guess I have two observations to add:-

1. Telecommunications is a geographical connectivity business.The ability of a telco to be able to offer service to customers is dependent on its reach and the end points it can connect to. So often, business customers want a network to reach places that are off-net for the small telcos, so these telcos cannot provide a solution and the customer goes back to Telstra or maybe Optus. The need for capital spend and partnering with other small guys is imperative to be able to acquire customers.
2. The industry has not enough marketing skills to be able to compete. Too many telcos try to achieve some kind of monolopy advantage which is where the industry is coming from. But they are learning and the market is slowly accepting them, so upside if they survive is good.