Where to now for long term investors of Telstra, page-6023

Excellent point RBradley
As Benson and others have mentioned previously costs leading to TLS zero margin are front loaded costs related to a complete re-structure of the business, ie; huge employee and infrastructure costs that wont be ongoing.
Penn has not broken this down and WILL NOT EVER break this down until NBN has FULL responsibility for the network, there is not a hope in hell he will admit how good a position TLS is in to benefit from the situation, could you imagine if he came out and said "we cleaned up both sides of Government with this idiotic deal that ripped the taxpayer off and delivered nothing", soon we have ZERO Government meddling and that will be the point he comes out and gives more clarity around the figures.
Not to mention by then not a single person in Australia will be able to say it was anyone but him who is responsible for the turnaround.
TPM will always have a lower cost base than TLS but give it 2 years and it will be pretty comparable, although TLS will have a more broad product stable to make "sticky" customers via bundles much as they do now, we are losing the Foxtel advantage due to Netflix and a few other upcoming challengers, this will be replaced by the 5G and Iot advantage.