Telstra’s favourite word right now is “optionality”. Andy Penn’s planned restructuring of the company into three distinct businesses certainly provides plenty of that for investors. What’s less obvious is how well this will work to reduce prices for millions of Telstra households.

As Penn points out, demand for connectivity is insatiable. COVID-19 has greatly accelerated this trend but the pace of growth won’t slow, no matter what happens with a potential vaccine or an eventual return to the office.