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Well I certainly think they are through NHC looking at Wesfarmers stake and that must be a large amount...

As regards the war chest they have well I think they may well need some for TPI ( Code TPE) and then I think it may well be kept for an in emergency TPG ( Code TPM). I cannot see that they know exactly what the final cost of entry will be for 5G to make non-NBN broadband a reality for all of us. I think they are correct 5G will change the playing fields and make the NBN less relevant and in fact, that is why I think the NBN is deploying a lot of fixed wireless right now and has stopped then restarted its HFC rollout.

Personally, I think that TPG is on the money - 5G will change the way we see internet - It's like moving from the car phone to the Nokia - It just changes the dynamics. So I am prepared to back them as I think we will see a very soft period and then Telstra will find the people want to go to other providers because they are so hated. The trouble is that no one company stands out right now they all have poor customer service...

I think its why Vodafone have decided to get into NBN broadband as they will be able to migrate customers to 5G Broadband later on. TPG has the reverse problem they will need to have their offer for customers that is better than NBN and 5G could give them that. They do save as they don't have the current 3G and 4G infrastructure to support and can go straight to 5G. So whilst I thought they wanted to contend with mobile I see that only as a by-product - I see 5G as building their ability to bypass the NBN. Hence why the NBN wanted to charge mobile companies a levy and thankfully Malcolm Turnbull shot that idea down. You cannot sell spectrum to the mobile companies and then charge them again to use it...

I do think that TPG's strategy is higher risk but I think the prize is worth it.