I'm buying VOC because, page-474

It is good, but i suspect it will reduce a lot more than they are letting on from increased NBN costs, TPG especially has a big % of their revenue from consumer.

I think the advantage of Infraco for Telstra is that it can capitalise on the government payments, it reduces its risk profile, and also gives it breathing room to expand to other utilities, not just telco. Infraco should trade on a higher multiple than telcos.

If Telstra intends to grow towards tech and maintain Telco side it doesnt need the infrastructure so much, just some good long term contracts from infraco. Its the Telstra brand that they want to maintain, infraco doesnt need that so much.