Where to now for long term investors of Telstra, page-105

There is some restriction in Telstra's ability to directly compete with NBN using 5G. This was part of the negotiations for the very generous NBN payments to Telstra. They pretty much have to set it up and provide it as a "mobile broadband" service, which I'd take to mean comprehensive overlapping coverage, mobile handsets etc and people could buy a receiver and attach it to a modem in an area of coverage to get broadband as an options to the NBN but it could not be Telstra's marketing focus.

This is in contrast to putting up a tower in an area and targeting selling fixed 5G wifi modems to households in that area.

It makes the rollout trickier and more expensive to do the "comprehensive" network thing rather than be able to switch on 5G one tower at a time and target specific small areas.