Vodafone Australia boss Inaki Berroeta has brushed off a directors’ report extolling the health of his own business as “optimistic” as he resisted the competition watchdog’s argument that the telco did not need to merge with TPG to compete with rivals Telstra and Optus.

On the first day of hearings challenging the regulator’s blocking of the proposed  $15 billion merger with TPG Telecom, the Australian Competition and Consumer Commission attempted to characterise Vodafone as a healthy business able to match its competitors.