Sydney, Feb 10, 2026, 17:40 AEDT — Market closed.
- Telstra slipped 0.2%, ending Tuesday at A$4.87.
- The telco wants Canberra to slash what it calls inflated spectrum renewal fees.
- Up next: half-year results land Feb. 19, followed by the regulator consultation deadline on Feb. 27.
Telstra Group (TLS.AX) slipped 0.2% to finish at A$4.87, with the day’s range stuck between A$4.86 and A$4.90. Roughly 4.1 million shares changed hands—muted volume for a stock as widely owned as this one. 1
Investors sized up a new policy spat that threatens to hit the sector’s cost base, just as reporting season kicks off—leaving little margin for negative shocks.
Australian shares barely budged, with the S&P/ASX 200 dipping just 2.7 points to close at 8,867.40. Bank declines took the shine off a good session for miners and gold stocks, according to Reuters. 2
Telstra is pushing Treasury to set a hard ceiling of A$3.9 billion for industry-wide spectrum licence renewals, contending the Australian Communications and Media Authority’s (ACMA) proposed valuation—potentially as high as A$7.2 billion—inflates spectrum prices by A$3.3 billion. The company claims it would be hit with an extra A$1.3 billion under ACMA’s preferred pricing, and cautioned that if the plan goes through, it will have to make “difficult trade-offs” on future mobile network investments. ACMA, for its part, said it’s still taking feedback as it looks for a “fair market price” and “welcomes submissions with evidence and modelling,” with the comment period closing Feb. 27. 3
Spectrum refers to the radio frequencies that carriers rely on for calls and data transmission. When it comes time to renew, the costs can squeeze budgets—either limiting what operators put into their networks or forcing them to hike prices to safeguard returns.
Telstra’s got a tight window here. Half-year results drop Feb. 19, and then a series of dividend dates crowd the calendar through late February and March. 4
Capital allocation plans—dividends, buybacks, network outlays—are sure to draw scrutiny, with management under pressure to clarify their stance as regulators and consumer advocates press on the issue of who shoulders the cost for broader coverage and reliable service.
Competition isn’t letting up. Mobile pricing still sees Optus and TPG Telecom acting as the main sources of pressure, and even a whiff of heavier discounting can quickly cloud forecasts for average revenue per user, the sector’s go-to metric for customer spending trends.
The risk is clear enough: should the regulator’s pricing model hold, carriers might dial back investment, postpone upgrades, or push higher costs onto users. Any of those could muddy the outlook for earnings growth and churn rates.
