Few people really believe Telstra wasn't going to bid and when its proposal arrived at the last minute no one was surprised even though they tried to pretend it wasn't really a bid. But as Stephen Conroy said it's been treated as a bid and being taken seriously - although legally that is yet to be tested.

The stakes are high and the playing field seems to be levelling quickly. Telstra's insouciant disguises the fact this is a turning point for the company. Alan Kolher from Inside Business spoke to Telstra chairman Donald McGauchie. On this occasion McGauchie was a little more circumspect than his interview on Wednesday night with Lateline.

Video of interview

Transcript of interview


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