Good morning. My name is William Chua, and I'm from the Investor Relations team at Telstra. Welcome to the 2021 Telstra Retail Shareholder Meeting. I'm joining you today from Naarm, also known as Melbourne, on the traditional lands of the Kulin Nation. Before we commence, Telstra would like to acknowledge the rich and diverse stories, cultures, and traditions of all First Nations people across country. Today, you'll be hearing presentations from our CEO, Andy Penn, and CFO, Vicki Brady, which will then be followed by Q&A. You've already received many questions in the lead-up to the event, but you can also ask questions during the meeting by submitting them on the right of screen. We'll endeavor to answer as many questions as we can today, but if time does not permit, please email us at investor.relations@team.telstra.com. I'd also like to remind everyone that we have our AGM coming up on Tuesday, 12th of October. Due to COVID restrictions, it will be a virtual event. To find out more, head over to our AGM website at telstra.com/agm. If you're looking for results and other shareholder information, it is all available on our investor website at telstra.com/investor. Finally, if you have a customer query, please scroll to the bottom of this page and click the customer service link. Now, let me hand over to you, Andy. Well, thank you, William, and welcome everybody, and thank you so much for joining us today. I mean, firstly, I should say I hope everybody is continuing to stay safe and strong during, obviously, what are quite difficult times, particularly in New South Wales and Victoria. Nonetheless, we're very excited to be holding this event again this year, and we welcome the opportunity to update you on our progress that we have been making and answer any questions that you may have, but also to thank you for your continued support. Of course, we would have preferred to have done this in person, but with all of the travel restrictions in place, we think this format is obviously the best to get our messages out to you at a time when things are very, very un-normal, if I could put it that way. Now, today, I will talk briefly about our progress on our T22 strategy, which is now virtually complete. I will also talk about what comes after T22, and that's a very exciting look at the future. Vicki will talk to our financial year results for 2021, our guidance, and our financial strategy and ambitions. Now, I think, as all of you know, T22 has been a defining strategy for us. It has been ubiquitously in the narrative of the company for the last several years. It has guided every strategic decision that we have made. We launched T22 just over three years ago to fundamentally transform and radically simplify Telstra. It was at a time when we needed to change. It built on foundational investments that we announced in 2016 to digitize our business and to build the networks of the future. Through T22, we have transformed Telstra, and today, three years into what has arguably been one of the largest, fastest, and most ambitious transformations of any telecommunications company in the world, we are a vastly different company. Through T22, we have set up Telstra to play a leading role in the accelerating digital economy, in a more connected world, a world where everybody and every business is spending much more time online. Now, earlier this month, we were very excited to announce what comes up next, what comes after T22, and the answer to that question is T25, a new strategy, a new strategy to accelerate growth from our core and to scale our new businesses, a new strategy to further enhance customer experience and to respond to the permanent shifts that we are seeing in how people work and live, a new strategy to capitalize on the establishment of InfraCo and the changes to our company to create a more contemporary structure for the future. If T22 was a strategy of necessity, T25 is a strategy for growth, and in its implementation, we will be using exactly the same disciplines and governance that we used for T22, the metrics and the milestones, the roadmaps and the scorecard, and this is why I am confident it will be a success. Why change a winning formula when you don't need to? When we have delivered it, we will be a vastly different company again. Let me share with you the details now. Ultimately, we believe that it is people who give purpose to our technology. We are committed to staying close to our customers and providing them with the best experience and delivering the best technology on the best network because our purpose is to build a connected future so everyone can thrive. It's a purpose that is underpinned by our values, which guide everything that we do and how we approach the decisions that we make. They will be the underlying principles also for how we deliver T25. We make it simple. We care. We are better together, and we aspire to be the change makers. T22 was very much about being change makers as we knew that we need to take a radical, different, and ambitious approach to achieve the level of transformation that we have. T25 will take this to the next level. Like T22, T25 is built around key strategic pillars, and there are four. Firstly, to provide an exceptional customer experience you can count on. If T22 in the last several years has taught us anything, particularly as we have navigated the migration to the NBN and responded to the consequences of COVID, it's that providing a better customer experience is our number one objective. Nothing is more important than continuing to improve customer experience, and this sits at the very heart of our T25 strategy, leveraging the capabilities that we have built. The second pillar is to provide the leading network and technology solutions that deliver your future. Telstra has always been at the forefront of telecommunications technology, not just in Australia but globally, and never more so has this been more important than today in a world of rapid digital adoption. As new technologies continue to evolve, including 5G and soon 6G, satellite, cloud, and edge compute, the traditional worlds of telecommunications and computing technology are starting to blur, and this is creating exciting opportunities and solutions that we will continue to lead in bringing to our customers and, of course, and as always, we will bring them to our customers on Australia's best and biggest network. The third pillar is to create sustained growth and value for our shareholders. As we move forward from the period of the transition to the NBN and out from under that economic headwind, the significant interventions that we have made in turning around our business are taking costs out and now starting to flow through to our bottom line. This will enable us to increase underlying EBITDA, ROIC, and earnings per share, and with strong cash flow generation and opportunities ahead to monetize assets, we will focus on maximizing our franked dividend and seeking to grow it over time, investing for growth, and returning excess cash flow to our shareholders. Now, as I mentioned a moment ago, Vicki will take you through our financial strategy and ambitions shortly, but they are transparent, they are bold, and they will deliver significant value for our shareholders. The fourth and final pillar is to be the place you want to work. Competing for the best talent in the future is going to rely on more than just the basics. In the new post-COVID world, we need to excel at flexible and hybrid ways of working. We need to accelerate our digital leadership, and we need to be a leader in doing business responsibly. These are the four pillars that set our overall ambition and strategic direction for Telstra under our T25 strategy. It is a strategy that has been created to deliver the things that we know will sharpen our competitive edge because they respond to the trends that are shaping our market and the evolving needs of our customers. It is a strategy that is firmly focused on taking customer experience to a whole new level, and it is a strategy that is focused on growth. Ultimately, it is a strategy to leverage the capabilities that we have built under T22. In the same way that T22 would not have been possible without the foundation investments that we announced in 2016, T25 would not be possible without all that we have accomplished in T22. We will deliver T25 through our five key businesses: consumer and small business, enterprise, new markets, which comprises energy and health, international and infrastructure. Just as we did through T22, we have also established a scorecard that lays out the key milestones and the metrics that underpin these pillars. Our scorecard shows how we plan to keep track of our progress and hold ourselves to account. It's ambitious in its breadth and depth. Unlike T22, we may not hit every measure 100%, but I would much rather be bold and clear about our aspirations that we have. I won't go through this now in detail because we covered this at our September Investor Day, but I will say that we are committed to holding ourselves to account and delivering T25, and we will be very transparent with you about the progress we are making, and we will do that by updating this scorecard and presenting it at every results presentation. But first, we must finish the job on T22 because without it, many of the initiatives I have just outlined will not be possible. Now, when we launched T22 in June of 2018, we knew we had to act more boldly. It is clear in my mind that initially, we did not respond quickly or significantly enough to the reality of the impact of the NBN on Telstra. Before T22, we were not focused enough on transforming and improving the Court business to mitigate this. We were too dependent on investments outside of the core. We have addressed this, and our T22 program has been a clear success. We have radically simplified our business, reducing the number of consumer and small business in-market plans from 1,800 to 20. We have reduced the number of calls to our call centers by more than two-thirds, and we are well progressed in our strategy to bring these back on shore and our licensee stores back in-house. We have cut our workforce by one-third, reducing our direct and indirect headcount by more than 25,000. We have removed, on average, more than four layers of management, and we have delivered cost reductions of AUD 2.3 billion, and we are on track to deliver our T22 productivity target of AUD 2.7 billion. We have repositioned our investments in Foxtel and Telstra Ventures, and we have improved the performance of our health business, which is now strategically very well positioned for the future. We have successfully established InfraCo, and we are progressing with our corporate restructure. We have monetized over AUD 2 billion worth of assets, further strengthened our balance sheet, and we have completed the AUD 2.8 billion Towers deal from which we have announced an on-market share buyback of up to AUD 1.35 billion. We have taken a leadership position on climate change and the environment, and importantly, through all this change, we have seen positive movements in the way our customers and our employees view us. For all of our progress, though, we still have to finish the job on T22 over the next nine months, and that means progressing our digitization and customer migration to the new technology stacks that we have built, completing the group restructure to drive value from InfraCo while preserving Telstra's core differentiation, extending our leadership in 5G and consolidating our position as Australia's largest 5G network provider, delivering overall enterprise revenue and EBITDA growth and restoring financial momentum, launching a new energy business and growing services and building deeper relationships with our customers through Telstra Plus, delivering our net cost productivity target of AUD 2.7 billion. Before I close, though, let me comment briefly on the progress of the group restructure, which is obviously a necessary precursor to monetization. The restructure of Telstra with a new holding company and four key subsidiaries, InfraCo Fixed, Amplitel or InfraCo Towers, Telstra Limited or otherwise called ServCo, and Telstra International. This is the key final step in our T22 commitment to establish a standalone infrastructure business to drive performance and to set up optionality post the rollout of the NBN. We're seeking to implement the restructure through a shareholder and core approved scheme of arrangement. All of the steps in the restructure process are progressing very well, and we are optimistic of finalizing the restructure before the end of our T22 program, with the scheme meeting now likely to be early next year, and this will position us well to consider monetization opportunities as part of our T25 strategy. We also know that the government is considering amendments to relevant Commonwealth legislation, so it appropriately reflects our new structure once it is implemented. In making these changes, the government is applying a principle of regulatory equivalence. That is, that the regulatory obligations that currently apply to Telstra today would also apply to the entities in the new corporate group in effectively the same way. So let me close. We have many achievements to be proud of this year, including the progress we have made on our transformational T22 strategy. The many tangible benefits of T22 are now clear and underpin our commitments to return the business to underlying growth and position it for success in the future through our new strategy, T25. We have stayed absolutely disciplined and focused on delivering what we said we would deliver, and three years into what has been one of the largest and most ambitious transformations by a telecommunications company globally, we are now a vastly different company. We're also incredibly excited to share our strategy to transition from transformation to growth, from T22 to T25, from a strategy we had to do to a strategy we want to do. T25 builds on the strong foundations we have built over the last three years and remains focused on what matters most: our customers, our people, our shareholders, and supporting the creation of a vibrant digital economy in Australia. It's an exciting strategy to meet an exciting future, and as I said in my opening, Telstra is a vastly different company to that which it was four years ago before we launched T22, and with T25, I believe Telstra will be a vastly different company again. We'll be a vastly different company for our customers who will have access to ultra-convenient, personalized, right-first-time experiences that are 100% digitally enabled. We'll be a vastly different company because our diversified portfolio will be delivering growth in revenue, EBITDA, and earnings per share as we seek to grow our franked dividends. We'll be a vastly different company because the seeds of our investment in energy and health will see these new businesses growing profitably and at scale. We'll be a vastly different company because of the world-class returns and value that we are driving from our infrastructure business. We'll be a vastly different company because of our network leadership with 95% 5G population coverage, a densified small cell network, and expanded regional coverage. We'll be a vastly different company because of our leading network and technology solutions delivering for our customers' futures, and we will be a vastly different company because our focus on cost will see a further AUD 500 million of costs out with industry-leading cost metrics. And finally, we will be a vastly different company because we will be the place you want to work with Australia's largest agile workforce, flexible location-agnostic future ways of working, a workforce defined by its culture of digital leadership and by doing business responsibly. So thank you, and I will now hand over to Vicki, and I look forward to some questions at the end. Thanks, Andy, and let me add my welcome to all of you watching today. Today, I'll talk through our results for financial year 2021, guidance for financial year 2022, and detail our financial strategy and ambitions. I'm pleased to say that for FY21, Telstra delivered financial results in line with guidance. By staying disciplined and focused on delivering our strategy, we've put the business on course for growth in FY22 and on track to meet our FY25 ambitions. FY21 was an inflection point for the financial performance of our business. In the second half, we clearly saw strong momentum leading to sequential growth in underlying EBITDA. We have confidence this momentum will continue, and we have announced our financial strategy for growth as part of our T25 strategy. Now, let me turn to our FY21 financial results. Total income for the year decreased 11.6% to AUD 23.1 billion on a reported basis. EBITDA on a reported basis decreased 14.2% to AUD 7.6 billion. Underlying EBITDA on a guidance basis, which excludes one-off NBN income and guidance adjustments, decreased 9.7% to AUD 6.7 billion. At our half-year results in February, we committed to growing underlying EBITDA half on half, and I'm pleased to say we've achieved this. Underlying EBITDA increased from AUD 3.3 billion in the first half to AUD 3.4 billion in the second half. Underlying EBITDA included an in-year NBN headwind of AUD 650 million and an estimated AUD 380 million financial impact from COVID. Encouragingly, NPAT, net profit after tax, increased 3.4% to AUD 1.9 billion on a reported basis, and earnings per share was up 2% to AUD 0.156 per share. Free cash flow was up 11.6% to AUD 3.8 billion. The board resolved to pay a fully franked final dividend of AUD 0.08 per share, bringing the total dividend for the year to AUD 0.16 per share. We also announced returning up to AUD 1.35 billion to shareholders over the coming period through an on-market buyback from the proceeds of the Towers deal. This will bring total returns to shareholders from activities in FY21 to AUD 3.25 billion. In terms of the operating highlights for the year, we continue to see strong customer growth in mobiles, albeit there is no doubt the market has slowed considerably due to COVID. This has included the sharp reversal of net immigration and population growth in Australia, as well as hardware supply shortages. We added 101,000 net retail postpaid mobile services, including 67,000 branded and 34,000 from Belong. Our branded performance reinforces the benefits of our clear leadership in 5G. In wholesale, we added 240,000 services, and we added 892,000 IoT services. Importantly, in mobiles, we saw our lead indicator, transacting minimum monthly commitment, or TMMC, increase by more than AUD 3. Our continued focus on building value in mobiles resulted in EBITDA growth of AUD 170 million. In fixed, we lost 69,000 net new retail bundles, including 10,000 adds from Belong. While we had net negative adds, bundle and standalone data AARPU, excluding one-offs in consumer and small business, stabilized. We continue to focus on building value in fixed through our focus on price, higher speed tiers, add-ons, improvements to Wi-Fi, and our Smart Modem. The Telstra Smart Modem is now in over 2.3 million homes and has been key in keeping customers connected when working and studying from home. Telstra TV is also keeping them entertained, and through it, more customers are watching Foxtel's Kayo and Binge streaming products. Telstra Health also had a strong year operationally and strategically. Revenue was up 6% in FY21, and we are confident Health will see high teens organic revenue growth in FY22. In customer experience, Episode NPS improved 9 points in the year and 6 points in the last six months. Strategic NPS has improved 7 points in the year and 2 points in the last six months. These improvements are evidence that the many initiatives under our T22 program in simplifying and digitizing the business are having a positive impact on customer experience. Customer complaint levels are now at their lowest level since the migration to the NBN began. We know not all aspects of customer experience are where they need to be yet, and that we have more work to do. Nonetheless, I'm confident these initiatives, combined with our decision to have all inbound customer calls answered in Australia and to bring our branded retail stores back in-house, will deliver further improvements. Finally, on our operating highlights, we made very strong progress in our productivity program. For the year, total operating expenses were down AUD 1.8 billion, more than 10%, and underlying fixed costs were down AUD 490 million. This means since FY16, we have delivered AUD 2.3 billion of cumulative cost reductions, and we are confident we can deliver our AUD 2.7 billion target by the end of FY22. Turning now to FY22 guidance, which you can see along with the assumptions and conditions upon which we have provided them. Our underlying EBITDA FY22 guidance implies mid-single-digit growth or around AUD 450 million at the midpoint. This guidance is despite remaining in-year NBN headwinds of approximately AUD 350 million in FY22. It also includes around AUD 50 million of non-cash accounting headwind from insourcing our Telstra branded retail stores and no return of international mobile roaming. Pleasingly, in FY22, we maintain a strong outlook on free cash flow, supported by further improvements in working capital despite our expectation that one-off NBN DA EBITDA will reduce by over AUD 550 million. Proceeds from the Tower sale, M&A, and payments to acquire licensees under our strategy to transition to full ownership of our branded stores are excluded from guidance free cash flow. Turning now to our financial strategy for growth. Our financial strategy for T25 has five building blocks to deliver growth and value for shareholders. These blocks build on the strong foundations provided by T22. First, we will build financial momentum across our portfolio to deliver growth. We are entering a different phase and expect top-line revenue growth to be a driver of EBITDA growth. Our ambition is to drive value growth through our 5G mobility leadership and profitably grow our fixed product portfolio, new markets, and infrastructure business. Second, we will deliver AUD 500 million of net fixed cost reductions from FY23 to FY25 while investing for growth. This net fixed cost reduction is in addition to the AUD 2.7 billion targeted under our T22 strategy. Third, we will focus on cash conversion and generation. Under T25, we will continue to focus on converting EBITDA into cash, including through CapEx discipline, working capital improvements, and reducing lease depreciation and finance costs. Fourth, we will be active in portfolio management to unlock value and manage our balance sheet. We have a strong track record in portfolio management. We illustrated this through T22 with our successful monetization of $2 billion of assets. We also illustrated this through the sale of our 49% non-controlling stake in our Towers business, the transaction valued Amplitel at AUD 5.9 billion, and we received net cash proceeds of AUD 2.8 billion. Finally, we will create shareholder value through our capital management framework. We will continue to apply fiscal discipline and use this framework to manage capital and deliver shareholder value. The objectives of the capital management framework are to maximize returns for shareholders, maintain financial strength, and retain financial flexibility. Let me now turn to our financial growth ambitions to FY25. Our underlying EBITDA and ROIC ambitions for T25 build on our current T22 commitments. As I mentioned, our guidance for FY22 underlying EBITDA is AUD 7 billion-AUD 7.3 billion. This represents mid to high single-digit growth. Our ambition is to achieve AUD 7.5 billion-AUD 8 billion of underlying EBITDA by FY23 and mid-single-digit CAGR from FY21 to FY25. As illustrated today, we have confidence that the momentum we've built towards growth will continue to FY25. For underlying ROIC, our ambition is around 8% by FY23 and to grow beyond this to FY25. For underlying earnings per share, our ambition is a high teens CAGR from FY21 to FY25. This level of underlying earnings per share growth from AUD 0.097 in FY21 provides earnings clarity as we maximize our fully franked dividend and seek to grow it over time. This dividend principle reflects continued feedback from shareholders of the importance of our fully franked dividend. It also reflects our intention to return as much cash flow to shareholders via franked dividends, which can be sustainably supported by earnings and franking, while also balancing the objectives and principles of the capital management framework. We are confident in maintaining a minimum AUD 0.16 per share fully franked dividend, subject to no unexpected material events and the requirements of our capital management framework. However, our franking balance is low. We reported FY21 earnings per share of AUD 0.156 and underlying earnings per share of AUD 0.097. We need to grow underlying earnings in line with our financial ambitions and grow our franking balance in order to grow fully franked dividends. Finally, for excess cash flow, our ambition is to invest for growth and return excess cash to shareholders in line with our capital management framework. This principle illustrates our intention to use the flexibility provided by our cash flow being greater than earnings to invest for growth and to deliver additional returns to our shareholders. To conclude, over the last three years, we laid the foundations for growth and positioned Telstra to take advantage of the opportunities ahead. We are now a simpler, leaner, and more digital company compared to where we started T22. We are a market leader with unparalleled scale, brand, and network. We are values-based and focused on doing business responsibly. We have world-class infrastructure assets, and we will deliver further value from them. And we are excited by the future, with FY21 marking an important inflection point for our financial performance. We will deliver growth through our T25 strategy by staying disciplined and focused, by continuing to build financial momentum across our portfolio to deliver that growth, by delivering AUD 500 million net fixed cost reduction from FY23 to FY25 while investing for growth, by having a strong balance sheet and focusing on cash conversion and generation, by being active in portfolio management to unlock value, and by creating shareholder value through our growth strategy and updated capital management framework. I will now hand over to Will to take us through Q&A. Thanks, Vicki. We'll now move on to our Q&A session. Thank you to everyone who has submitted a question prior to today. Remember, if you'd like to ask a question during the meeting, you can do so on the right of screen. We've broadly organized your questions into separate categories. The first category we'll go to is on our business performance. So Andy, firstly to you. You keep saying that FY21 was an inflection point. What makes you so sure Telstra's earnings will continue to grow and not decline in the future? Well, look, there's a few reasons why it was a turning point, which I've sort of already commented on. But look, I think the key point is that the telecommunications industry has been very significantly dominated over the last five years by the impact of the migration to the NBN, and all of the industry participants have largely been impacted by that, no one more so than Telstra. But the first reason is because ultimately that migration has now come to an end, and what it has meant is that a very significant proportion of value has essentially been moved from the private sector, including from Telstra, in our case, AUD 3.5 billion of annualized EBITDA, essentially to the government sector. And that value has migrated to NBN as they have taken on responsibility of providing the wholesale broadband network. And we had been that AUD 3.5 billion of value transfer had been happening progressively as the NBN rolls out. Because the NBN has now largely rolled out, that journey, if you like, or that dynamic has come to a conclusion, which means we do not have that headwind in front of us going into the future. So that's one key point. The second key point is that we've been implementing a very significant number of initiatives and transformations in our T22 strategy to improve the performance of the company, not least of all from a productivity point of view, which is ultimately by the end of this financial year, we'll have delivered AUD 2.7 billion of productivity cost out. And so firstly, we have the NBN headwind behind us. Secondly, we have the benefit of all of that cost reduction work now flowing clearly through to the bottom line. And then in conjunction with that, we're seeing significant improvements in our performance of our mobiles business, where we're seeing our ARPUs turn around, and that's starting. And you'll saw during the year, we had a $170 million improvement in our mobile EBITDA, and actually, I think it was AUD 290 million in the second half compared to the PCP. And also we've got growing improvement in our fixed business and also in our NAS business. So we have the NBN headwind behind us, and we have all of the benefit of all of these initiatives flowing through, which are actually improving the other aspects of our business. So that's why we're confident that the trajectory ahead is a positive one and encouraging one. I mean, obviously, we can't predict necessarily all of the dynamics in the market, and it's very difficult always to predict long ways into the future, but we have been confident enough to be able to provide guidance for obviously FY22, which gives us sort of higher than mid-single-digit growth in EBITDA, and then also guidance out to FY23 and also to the end of FY25, particularly strong guidance in relation to EPS, which will be important, obviously, ultimately to help us maximize our fully franked dividend and seek to grow it over time. Right. Thanks, Andy. The next question again is for you. How will your T25 strategy ensure Telstra maintains and extends its market-leading position? Well, there's a number of dimensions to this, William, and I would say first and foremost, it absolutely has to be by continuing to improve the customer experience. And we have achieved some very significant improvements, but the reality is that I think telecommunication services are something that are so important to everybody's lives today. It's a very different world than it was 10 years ago. People are so dependent on doing things digitally today that if even there's any slight underperformance or slight issues or faults in telecommunications, it becomes an issue for people very, very quickly. And I should say providing high-quality telecommunications in a very dynamic world is not an easy thing to do, particularly as data volumes are increasing and we see very dynamic movements of traffic. So just over the last period of time during the COVID restrictions, we've seen an enormous amount of traffic move on to the home internet and on to people's mobile services as more and more people are working and studying from home. We've seen in regional communities just different usages in different parts of the country as more people have moved to regions and more people within regions and within states are actually travelling around those states as international tourism has dropped off. So we're living in a very dynamic world where overall we're seeing an increase in the amount of data usage as well as a changing pattern of that data usage. So the customer experience is absolutely paramount. So having the core leading network to support that, but then also to be much easier to deal with and to work with for our customers is also incredibly important. So over the last several years, we've invested an enormous amount of money, AUD 1.7 billion, in completely replacing our customer relationship management systems and our business operating systems, which makes it a lot easier to engage with and deal with Telstra in the future. So customer experience absolutely sits at the heart of everything that we do. And I can see over the next few years we're just going to continue to lift that. As you know, we're bringing all of our call centres back onshore. We're bringing our licensee stores back in-house. And what that will ultimately mean with the new technology we've invested in is it will mean that customers, any service transaction that they want to do, they will be able to do it in any channel they wish to. So if they want to do it via a call centre or if they want to do it in a store or if they want to be able to do it digitally, they can do it where they want at their choice. So that's really all about customer experience. I think the second area is obviously continuing to lead in technology solutions. I mean, fundamentally, we're a telecommunications company, and so we provide the network connectivity. But as I mentioned in my remarks, there's very much a blurring between the application that people may be using and the underlying network. And to the point where these days, very often, many issues that people come to us and are finding that it's not working for them, which they may feel is something to do with the network, has actually got nothing to do with the network whatsoever. It's actually an application that they may be using. So whether it's on your phone, on your smartphone, or whether it's in the home, it may feel as though somehow the network's not working. It's actually got nothing to do with the network. It's a piece of software that people are using on their devices. And so what you can see is there's a significant blurring between the actual network and then how people are using it and what they're using it for. And so being able to sort of try and bring that together more seamlessly so we can help customers get the best possible experience out of the applications is critically important. And continuing to lead with the underlying network and having a resilient network is going to be crucial in that as well. And the third area I'd probably comment on is just on our infrastructure businesses. We said during T22 we would set them up as a standalone business unit to maximize value and to improve optionality. That's exactly what we've done. We obviously did the Towers deal recently, which generated $2.8 billion, and we sold that 49% of that business at a 28x EBITDA multiple, which was about 4x our trading multiple. So that was a significant value enhancement for shareholders. And as we go through the process of completing the restructure, we think there'll be further opportunities in the future to do similar things, which again, we can add value to shareholders. But I think, look, the bottom line is, as I said in my remarks, T22 would not have been possible without the foundational investments that we announced in 2016. T22 has fundamentally transformed the business. It's built a lot of new, really exciting capabilities, and T25 is going to build on those to really take us to the next level. Right. Thanks for that, Andy. The next couple of questions are for you, Vicki. So the first one, your mobile business appears to be gaining positive momentum. Why are you confident this will continue? Thanks, Will. And that is a very important question, and it is spot on. Our mobile business has gained positive momentum, particularly the second half of FY21, where we reached that point where postpaid handheld ARPU returned to growth, and importantly, the mobile EBITDA also returned to growth. So it has got positive momentum. And to put it in context, mobile is such a key part of the overall financial performance. It makes up a little over half of our underlying EBITDA, so a critical part of our performance and delivering that growth and value to shareholders. In terms of the confidence, so why are we confident it can continue? There are actually many parallels to a number of the points Andy just spoke to answering the previous question. First thing I would point out is we're obviously a market leader in mobile, and really critical to underpinning that market-leading customer experience is our network, our leadership position for our mobile network. You can see that again with 5G, with our very strong leadership in 5G. So absolutely fundamental to the confidence in our mobile business is absolutely underpinned by that network leadership, which we've continued to deliver on and is absolutely fundamental to our strategy. The second thing I would call out is really, again, the simplification we've delivered through T22 to really make it much more straightforward, simple, and seamless for our customers. Again, to retain that market-leading position, the customer experience has to be really exceptional. So when you combine the network experience and that simplified experience for customers, they remain fundamentals, and they continue from T22 into our T25 strategy and underpin the mobile performance. The third thing I'd call out is really 5G. So we've seen the ability over the last little while as we've had that leadership position in 5G. We have delivered value growth, and that is now flowing through from our lead indicator of transacting minimum monthly commitment to our ARPUs. That's really important. We're excited as we look further forward with the various products and ecosystems that will surround 5G, that there will be further value growth to come from 5G. That remains important. Then the final part I would say in underpinning the confidence in mobile is really our multi-brand strategy. Again, it's a very clear and consistent strategy that we've been executing over a number of years now that will continue through in T25. That's really important in how we compete in the market, how we meet the needs of various segments right across the market, from those Telstra branded customers through to some of the other parts of our branded portfolio with Belong and our wholesale MVNOs. I'd really call out those things as being really fundamental to underpinning the confidence in the momentum in the mobile business. I would say it is a competitive and dynamic environment and market, but we have a very clear strategy and demonstrated, I think, disciplined execution against that strategy. Right. Thanks, Vicki. And your next question that we've got for you. You've mentioned you are making negligible margins reselling NBN. How is it that some other competitors are making larger margins? And what is Telstra doing to improve these margins and profitability going forward? Thanks, Will. Okay. And NBN resale. So the first thing, just to put in context again, in FY21, our NBN resale margin, EBITDA margin was around 5%. And we've got an ambition to grow that to around mid-teens by FY23. So quite a big ambition there to lift that EBITDA margin. Now, I would say this is one area. As retail service providers, I think the industry is quite well aligned in our point of view, which is, and we've been strongly advocating that we do think there needs to be movement in the NBN wholesale price to ensure, as retail service providers, we can have really vibrant and sustainable businesses reselling NBN. That is important because to be able to invest in the customer service, to be able to invest in the technology and the products that run across the NBN to provide to our customers, we obviously do need to be able to make sustainable margins to support that investment and that experience for customers. I do think it's an area where there is a lot of alignment in the point of view of the retail service providers. Having said that, as I said, we need to do better on our EBITDA margin to get from around that 5% to our ambition of mid-teens. How do we do that? So firstly, it does not assume any significant movement in NBN wholesale pricing. And there is a review underway at the moment, and that may well come, but that is not part of our assumption to lift the EBITDA margin. We're focused on the things we can control. And so firstly, on the revenue side, it is absolutely focused on ensuring our customers have the best possible experience. And that does link to the speed tiers that they're on. And we've seen through the COVID period in particular, as customers are working and studying and at home, we have seen an appetite to lift and increase the speed tier plans that they're on. So that is an important aspect. On the revenue side, it's also we provide various add-ons to customers, and we're always seeking to find those add-ons that are really valuable to our customers, things like our Wi-Fi guarantee or gaming experiences. So those elements also are important in driving and delivering not just better experiences for customers, but also helping us deliver and improve our EBITDA margins on NBN resale. There's been a number of areas on the cost side that we're focused on to help lift that margin. As we're coming towards the very tail end now of migration of customers to the NBN, there is no doubt when you're moving a customer from legacy copper services first time into NBN, it is more complex, and there are more follow-up calls on average. And so as we transition now to a lot of the interactions with customers being already on NBN, that is helpful for us in terms of helping to reduce some of the costs in supporting NBN resale. The second thing I would say on the cost front, obviously, we've had a huge investment into digitization, so into those CRM systems for our business. And so as that continues and as we move transactions for our fixed customers to that environment and we transition our customers into that new digital stack, that also helps in terms of experience for customers, but also in terms of our costs because it is a lot more automated at the back end of our business, things flowing straight through. And so that will help reduce some of the costs to support our NBN resale business. And then finally, we have broader productivity programs running across the organization as we deliver on the final piece of T22 with another AUD 490 million of cost out in 2022. And then the further cost savings we've got in our ambitions for T25, so the AUD 500 million there, and they get allocated into the product. So it is really a combination of very focused and disciplined execution across all of those levers to ensure we can improve those margins on our NBN resale business. Will, back to you. Okay. Great. Thanks, Vicki. Our next topic in focus is our recently announced T25 strategy. So Andy, the first question to you. Why did you announce a new strategy before you completed the current T22 strategy? Look, that's a great question. Thanks, William. And we thought about it a lot. In fact, I think I did say, I can't remember, was it back in conjunction with our half-year results in February that our intention was to communicate what came after T22 before the end of the calendar year. I'd like to just reinforce, and I think I made the point in my opening remarks that it's crucially important to us that we finish the job on T22. We do have we'll continue the discipline of monitoring the execution. So, for example, I will update the market on our scorecard for T22 in conjunction with our half-year results next February and also our full-year results when we announce them next August. We are not losing sight of T22. We need to finish the job. We will finish the job, and we'll hold ourselves accountable to do that. But similarly, at the same time, I think it's important that we plan ahead for the future and also start to give guidance to our people and to our key stakeholders, particularly our shareholders, as to what comes next. And I think the bottom line is T22 has been successful. I can see the light at the end of the tunnel. We've talked about the inflection point that we have that we've reached, and I think we're in a great position. And so I think it was timely for us to really demonstrate to the market what comes next, leveraging everything that we've built in T22. So that's really why, William, that we decided to do it at this stage. So again, sort of related to that, T25 doesn't seem as ambitious as T22. Why is that? Well, I think what I would say is that T22 had a number of very radical elements to it, and I think that they were necessary to drive the level of transformation that we needed to, in particular, the radical simplification, which was very much personified in the reduction of the number of plans on market plans for our consumers, more business customers from 1,800 to 20, in conjunction with a complete rebuild of our digital environment. So those things, I think, were arguably more radical. But I wouldn't say T25 is any less aspirational. I mean, certainly, if you hear from Vicki about some of our financial aspirations, particularly our earnings per share growth and EBITDA growth, they are very material. And I think, ultimately, it delivered really good value for our shareholders. There are other aspirational aspects of it in terms of launching the energy business, where we plan to get our health business, sort of the turnaround that we're looking for in our enterprise business and our network and application services, our continued leadership in 5G and in networks. I think they're all very aspirational. I think the point is that it hasn't got some of the same elements of the radical changes. But that's because we've implemented those radical changes, and we've done it successfully, and we're now in a great position. So T25 is about how do we take those new capabilities and leverage them, not having to radically change them again because we don't need to. We've been successful in that regard. Okay. Great. Thanks, Andy. The next couple of questions on T25 are financial in nature. So these will be for Vicki. So the first one, what are the relative underlying EBITDA contributions from mobile, fixed infrastructure, new markets, and cost out for it to grow from FY21 out to FY25? Thanks, Will. This is a really good question. It's one we get from a lot of our investors. So the way I always think about this, so firstly, we've talked quite a bit about our mobile business today. I'd always start there. As I said earlier, it makes up a little over half of our underlying EBITDA. So its growth and continued momentum is absolutely critical as we look at where we're at in FY21 and those financial ambitions that we've got as part of T25. So mobile will always be top of that list. And as we've talked about today, there's some good momentum there. We've got a very clear strategy around how we continue to drive momentum and growth in value in our mobile business. So mobile, top of the list. Second thing I put on the list is our fixed business, and that's across both consumer and small business and Telstra Enterprise. And as you heard Andy talk about today, we've navigated through now the bulk of the NBN financial headwinds as we transition customers across to the NBN. And so returning our fixed business to growth is very important in that aspiration that we've set for T25. So that's our fixed connectivity business. Inside that, in enterprise, we also have our network applications and services business. It is a really important part of the growth of our business as our enterprise customers like us are looking to further digitize and transform their businesses, how we work with them, how we bring our great capabilities as part of Telstra Purple, where we have professional services capability to be able to come up and support solutions for our enterprise customers. So that fixed portfolio is absolutely critical as we look at those ambitions. Cost out continues to play an important role. Now, our cost out ambition, as we've talked about today, by the end of T22, we will have taken a little over a third of our underlying fixed cost out, but we're not done. We need to keep driving that efficiency. So the further AUD 500 million of cost out across FY 2023 and 2025, that does get allocated back into our products. And so it is very important that we continue to deliver on that. And then absolutely, InfraCo, we've put out their aspirations around the growth in the EBITDA in our infrastructure businesses, and they play an important role as we look to 2025. And finally, yes, the new markets areas growing to scale in health and the entry into the energy sector, which we've got coming up. So, Will, they're all important, but in order of priority, it's probably in the order I just spoke to is the way I think about their relative contribution to that overall ambition. Thanks, Vicki. And a final question on T25 for you. As you mentioned before, that you've announced another AUD 500 million of cost out under T25. Does this mean there will be further job cuts? Look, it is one we get a lot. And as you can imagine, not just from shareholders, but internally as well. Andy spoke to earlier today; under T22, we had significant change to drive in the business, and it did mean a reduction in a little over a third of our workforce. As we look to T25, it is very different. It is not built with the same sort of assumption. We have been through such a massive transformation and fundamentally changed the way we operate the business. And that has been tough. And I'm first to acknowledge that it's been a tough thing to deliver. And I am constantly blown away by how our teams have remained resilient and really adopted the new ways of working. T25 is not built on that same assumption. Having said that, of course, we will continue to drive efficiency in how we operate the business. And that will mean, I'm sure, at points in time, some impacts, but nothing like the scale that we've seen under T22. That is done. And it is good to have that behind us. Where the cost out comes from as we look forward from FY23 to FY25, it really moves, and I think about it as three major contributors. Firstly, we should see our IT costs be able to be reduced significantly. And that's because of the great work we've done and the investments we've made into digitizing the business. That allows us to then decommission legacy systems. It allows us to consolidate applications. And so those IT costs are an area of focus and contribute to that ambition. That digitization of the business also then flows into two other areas. Firstly, in Telstra Enterprise, our ability to now drive real improvements in the cost structure of the value chain that supports our enterprise business, all the way from order from a customer to activation to billing and collections, all of those things being able to be more efficient as we get the benefits of those new digital stacks and straight-through processing. And that's the same in consumer and small business. We expect to continue to see further efficiencies in our back office as we automate and get the benefits of digitization. So it's really those things that I see flowing through and being really key contributors to the cost savings, quite different to what we've been through under T22. Okay. Great. Thanks, Vicki. Thanks. A couple of questions are on our share price. So over to you, Andy. What are the expectations for the share price going forward? Can we expect to see continued growth in the share price given its strong performance over the past year? Look, I mean, obviously, we're acutely conscious of our responsibility to continue to drive value for shareholders. And I understand, of course, that is in part reflected in the share price. It's also in part reflected by the returns that we provide to shareholders through dividends and through other ways of returning cash and capital to shareholders. And I think Vicki has already outlined quite clearly our commitment to continue to do so, and the framework that we're using from a capital management point of view to help us make decisions about how we do provide those returns through franked dividends, through buybacks, or other forms of return. Obviously, the share price is affected by lots of different things, and not all of those are obviously in the control of Telstra. Capital markets around the world respond to all sorts of different dynamics, interest rates, and foreign exchange rates, and what's happening in global economies and the like. So I've always found it, to be honest, from my perspective and the management team's perspective, most important to focus on the underlying fundamentals of the business and improving the operational performance of the business and our competitive position and improving customer experience. I believe that if we get all of those things right and they drive improving economic returns, which we're seeing and which we're committed to in the aspirations and ambitions we set ourselves for T25 in EBITDA and in earnings per share that we've already referenced, ultimately, the share price will look after itself in response to that, dependent on what the sort of global macroeconomic dynamics are that are also affecting capital markets as well. Our focus is very much on delivering those financial and operational returns and proving that returns to shareholders. We believe if we can do that, that ultimately, that will be reflected in the share price. But where the share price ends, as I say, is also influenced by a whole bunch of other things that are outside of my control and our control, which really I'm sort of not in a position to give an opinion on. Thanks, Andy. And I guess you briefly touched on this already, but the next question again on the share price was, will your new T25 strategy or selling InfraCo Fixed boost the share price? Sorry, William. I missed the last part. Will selling InfraCo Fixed boost the share price, did you say? Yeah, correct. Yeah, no, sorry. Well, look, so we have not announced that we are selling InfraCo Fixed, and candidly, that's not what I expect to do. What we have done, though, is we have created our infrastructure business as a standalone business unit. And ultimately, we will move that into a separate legal entity through InfraCo Fixed, rather, and InfraCo Towers, or with what we're going to now call Amplitel. And in so doing, what that does give us is the opportunity to create monetization opportunities. And we've already done that and shown how we can do that with Towers by entering into a partnership with the Future Fund Consortium, where they're acquiring 49% of the Towers business. So on the InfraCo Fixed side, what we also have is the opportunity to do something analogous or similar in monetization of all or part or some of our InfraCo Fixed assets. Now, we've got quite a bit of work still to do to get InfraCo Fixed into a position where that becomes a viable option for us. We're committed to do those things essentially by the end of the T22 program, including the corporate restructure, which I've referenced. Then we will turn our minds to monetization opportunities for InfraCo Fixed in the T25 timeframe once we've got past the end of T22. It would be unlikely to include an outright sale of our fixed infrastructure businesses. I think they're still incredibly important to the company and incredibly strategic. Could we see a third party having a minority investment in some or all of them? Yes, absolutely. That would be one of the options that might be available to us. Okay. Great. Thanks, Andy. The next topic, which is very popular among shareholders, unsurprisingly, is the Telstra dividend. These questions for you, Vicki. Given the inflection point in financial performance and objective to grow the fully franked dividend, when can we expect to see the dividend increase? Thanks, Will. And yes, I know and very aware how important our dividend is to our shareholders. And we've certainly received feedback that the updated capital management framework has been seen as a real positive, giving further clarity around dividend and further returns to shareholders. So yes, lots of interest in when might the dividend grow. So firstly, as I've said today, we're very confident in maintaining the minimum AUD 0.16 fully franked dividend. And I know that's been an important question over the last little while, so have confidence in that. Under our updated framework, yes, our objective and principle is all about maximizing the fully franked dividend and seeking to grow it over time. I did speak a little bit about where we stand today. And yes, we have a relatively low franking balance at the end of FY21. So what is absolutely critical in terms of having the ability to grow that fully franked dividend is the ability to achieve those underlying earnings ambitions in line with our T25 strategy and our T25 ambitions. And that's absolutely what we're focused on at the moment. So we haven't put a time on that. We've just said that it's absolutely we will seek to grow the fully franked dividend over time. And it's very much linked to achieving our underlying earnings growth ambitions that we've got as part of T25, Will. Thanks, Vicki. And a couple more here. Can you still maintain an AUD 0.16 dividend given FY22 is the last year the special dividend will be paid? And sort of related to that, would you consider an unfranked component to increase your dividend? Yeah, both good questions. That's right. So our special dividend in relation to the one-offs from the NBN transition, the likely last part of those is this current financial year. Again, it comes back to those underlying earnings ambitions. So the ability to grow our underlying earnings to be able to support the full dividend. And that's absolutely what our T25 ambition is all about. And we've definitely got that confidence in maintaining the minimum AUD 0.16 dividend. So I think that one's a relatively straightforward one. In terms of unfranked component of the dividend, so firstly, we consistently get feedback from shareholders that the fully franked dividend is very important. Under the updated principles of our capital management framework, we've made that very clear about our focus on maximizing that fully franked dividend and seeking to grow it over time. What we have also done in the updated capital management framework is make it really clear how we think about deploying capital in our business. So firstly, maintaining our A-band rating. Again, that remains very important in all of the feedback we get from our shareholders, having that financial strength. So absolutely maintaining our balance sheet at a level that supports our A-band rating is critical when we think about deploying capital. Secondly, maximizing the fully franked dividend. Thirdly, investing in our business as usual, CapEx in our business to maintain and deliver those earnings outcomes is really important and experiences for our customers. And then we have updated the fourth principle to talk about how we will deal with excess cash. So the ability to invest in further growth in the business and the ability to return excess cash to our shareholders. And in how we will do that, we see always looking at all of the capital management options we have available to us. So that would include share buyback. It would include unfranked dividend. It might include capital return. So we will always assess those options and look to the most efficient way to return any excess cash to shareholders. So we'll absolutely acknowledge that a component of unfranked dividend is one of those things inside those capital management options that we have available to us. But we would make those decisions as and when we're in those positions and again, think about the most effective way to return funds to shareholders. Okay. Great. Thanks, Vicki. Now, the following questions are across a range of categories, with many of these coming through the live questions today. So thank you to those watching for your contributions. First couple of you, Andy. First one being, are you mandating COVID-19 vaccinations for your employees? Will you sack those people who don't get vaccinated? Our position on vaccinations is first and foremost that we're supportive of the initiative and the drive to increase the vaccination rates in Australia, ultimately, because we believe that is the strongest single thing that we can do to improve the health and safety of all Australians and also to help us move to a world where we can have fewer restrictions and therefore support the economy going forward. We've taken a number of stances in that regard. We've provided incentives for our people to be vaccinated so staff that are vaccinated can access what we call Appreciate points, which is sort of an internal loyalty program. That's worth a couple of hundred AUD each to them. We've also provided loyalty points for our Telstra Plus program for our customers. We have also made the decision and identified just over 8,000 roles at Telstra that can only be fulfilled by people that are vaccinated. To be clear in the distinction, I'm not telling anybody that they have to be vaccinated. Ultimately, it is up to individuals to make their own decisions in that regard based on their own health and medical advice. What I am saying is that there are approximately 8,000 roles or a bit over 8,000 roles that can only be fulfilled by people that are vaccinated. So therefore, if there are people in those roles today and those people are not prepared to be vaccinated, ultimately, we will have to work with them to see if there's alternative roles in the company for them. Ultimately, in a situation where, based on medical grounds, somebody can't get vaccinated and they can't fulfill a role, that where we do require it to be done by somebody who is vaccinated, it may result in people having to leave the organization. I know that's unfortunate, but ultimately, I make no apology for that because my number one priority is the health and well-being and the safety of our staff and obviously the safety of their customers that they serve. These are the roles where our people do come into contact with either a large number of colleagues or people in the community. So their jobs, such as people who are working in stores where field techs are actually going into people's homes. In some cases, our field techs go into hospitals and aged care centers to address and to fix telecommunication issues. We are requiring those roles to be fulfilled by people that are vaccinated. Increasingly in the future, as more people return to the offices and where people are working in an environment where they're working with a large number of colleagues, it's likely that we will require those roles to be fulfilled by people who are vaccinated as well. Great. Thanks, Andy. Next one, also with you. How is the transaction for Digicel progressing? Will you be announcing a deal soon? Well, I can't say too much more at this stage other than really repeat what I've previously said, which is it is a transaction that we're looking at very closely. There's a lot of work that's been ongoing on it. It's not yet concluded or certain that ultimately it will proceed. But if it does, it will be on the basis of meeting certain financial and risk parameters as well as needing to be in the best interest of the shareholders, obviously, as assessed by the board. And as you know, or as the market knows, it's a project that we're looking at in conjunction with support from the government. And obviously, achieving those parameters is obviously dependent on that support. But those conversations are progressing, and we'll obviously update the market just as soon as we're in a position to do so. Thanks, Andy. And now to Vicki. What are you doing to improve customer experience? When are you planning to bring call centers back onshore? Thanks, Will, for that. As you've heard a lot of today, T25, right at the heart of it, is absolutely delivering exceptional customer experience because, first and foremost, to get ultimately the financial outcomes for our shareholders, we know that we've got to be delivering for customers to have a long-run sustainable business. That experience has to be exceptional. So there is a lot that we've done under T22, and there is a lot under T25 that continues to deliver further improvements in terms of customer experience. Will, the question referenced one, and that was bringing call centres onshore for our consumer and small business customers. We have set a target by the end of this financial year, FY 2022, to have completed that. So that is one part of it. Under T25, there are quite a few things I would call out. Definitely, making the interaction as seamless for our customers continues to be important. So the ability for them to be able to choose the channel through which they interact with us on service-related matters. So whether that's digital, whether that's coming into store, or whether that's calling into one of our contact centers, absolutely providing that choice and option for our customers across all our interactions. Secondly, making sure that when customers do interact with us across our consumer and small business customers, that more than 90% of the time they interact with us once and it's done. And that's a really important ambition that's part of our T25 set of ambitions under customer experience. The other thing I would say is how we're using technology to further enhance our ability to predict what issues or things we can be doing differently for our customers. So that's important. In our enterprise space, undoubtedly similar to consumer, making sure we're getting that amount of interaction and outcomes just right for our customers at the level they expect. We set ourselves again an ambition of that being at 90%. There is a lot that underpins our T25 strategy that is all about further improving that customer experience. Good improvements made through T22, but we know still a lot to do, and it's absolutely at the heart of our T25 strategy, Will. Thanks, Vicki. Another one for you. Can you see health and energy becoming significant players in their sectors? Are you planning more acquisitions in these areas? That's another really great question. And so, the first thing I'd say is we do have a second investor day coming up on the 16th of November, and that will focus on allow us to deep dive into some of the parts of the T25 strategy that we couldn't cover all in one day. And excitingly, both health and energy will be part of that because they are really exciting parts of our business. And obviously, as we look to T25, growing them profitably to scale is very important in our growth ambitions. So I'd firstly call that out. There will be more to come. Just in terms of the question on those two, so firstly on health, the thing I would say is our health business is already a market leader in many elements of the health technology sector that it operates in. So if I think about things like the National Cancer Register that Telstra Health provides and supports, if I think about electronic scripts, again, already a leader in that space. And I think about aged and disability sector, again, the technology that sits behind that, health is already a leader. We're also pretty excited by a couple of the acquisitions we've made recently in Telstra Health, particularly MedicalDirector, which provides the technology that supports the practice management for GPs. A really important part of the health ecosystem. And so it's been a very important strategic acquisition for us to have that part of the jigsaw filled in. So health, in terms of that as a business, we've set the aspiration that by FY25, it will be a AUD 500 million revenue business. So it is going to be a significant business. We see it really well positioned and already in a leading position in many of the parts of the health sector that it delivers for customers. In terms of energy, energy is a little bit different. Obviously, we're not in the energy sector yet, but we have announced we will be entering it soon. And we've set ourselves, again, a very big ambition there to be a top five energy retailer by FY25. So that aspiration is a big one. And yes, it'll be a significant player in the energy sector. And again, we're really excited by that. It fits very well with the breadth and extent of the customer relationships we have today. It allows us to really leverage further the great digital capabilities we've implemented. Importantly, when we research customers, it is an area where customers have a natural affinity and can understand why Telstra would be a good choice in terms of providing energy services on top of their telecommunication services. Obviously, another critical service into the home and businesses for many customers. Both exciting opportunities, both very important in our growth ambitions. Also in terms of further acquisitions, we obviously have a very clear criteria for any M&A activity we undertake. And we look at those opportunities as and when they appear. But right now, we're really focused on growing those businesses in health based on the acquisitions we've made and the organic business we've got. In energy, we're focused on getting it launched and very excited about those growth aspirations, Will. Okay. Great. Thanks, Vicki. And we have time for one more question. And this one's for you, Andy. What do you see are the key priorities for Telstra over the next few years as you complete T22 and commence T25? Yeah. No, look, thanks very much, Will. I think first and foremost, it is finishing the job on T22. I referenced some of the things that are critically important in that regard, but just maybe to sort of tease some of those out. I mean, we've got to finish the migration to the new technology stack. So we've completely built the new technology stack. We have millions of services on that stack now, but we now need to shift the rest of our customer services across to them. That will be really, really important. Completing the group restructure, the legal restructure, which really sets us up for optionality and monetization opportunities in the future is going to be really important. The other thing we've got to do over the next period of time in completing the T22 program is to bring all the call centers back onshore, as you heard from Vicki and all the licensee stores back in-house, and then also deliver the rest of our productivity program. So they're all going to be crucial. And then I think T25 is really all about capitalizing on those very substantial investments that we've made and those capability builds that we've made, which I've already referenced. But I think if I sort of step back from that and take it up another level, I mean, the bottom line is that we're seeing very rapid ongoing rapid digital adoption across businesses and individuals. And that's only been increased by the consequences of COVID and the restrictions of people having to work and study from home. I think they've adopted digital ways of working a lot faster than might have otherwise been expected. And of course, the digital economy, the platform for the digital economy is telecommunications. And so therefore, that's crucial, the role that we play in supporting that transition to a digital economy. And you would have heard from the Australian Prime Minister that one of the aspirations of the government is for Australia to be a leading digital economy by 2030. What if we're going to do that? We need leading telecommunications networks, and we also need globally leading technology and services that sit on those networks as well. And we believe we're very well positioned to satisfy that. We're already a leading telecommunications provider. So we need to continue to stay at the forefront of telecommunications technology, but also build the new skills in new areas that I've talked about many times before in software engineering, in data analytics, in artificial intelligence, in cybersecurity. So we can not only provide the world's leading telecommunications networks, but the applications and services that enable people to take advantage of that. And we'll do that both ourselves, but we'll also do it in partnership with some of the world's leading technology companies in delivering cloud solutions and cybersecurity solutions and new video solutions such as that, which we're using today, what we call universal communications. But they're some of the key things that I think really are the priorities for the future, William. But it starts with getting the job done on T22, and it finishes with really taking us forward into this new world of becoming a world-class technology company that empowers people to connect. Okay. Great. Thank you, Andy. And also thank you to you, Vicki, for your time and responses today. So that brings us to the end of the meeting. But before we wrap up, Andy, do you have any closing comments? Well, I think my closing comment would just be to thank our shareholders for your continuing interest and support. Thank you for attending today's event. I look forward also to the possibility or the opportunity to speak with you again in a couple of weeks' time at our upcoming AGM. We're committed to continue to focus on doing everything that we can to deliver value for our shareholders. I think the T22 strategy has been a success. It was a strategy of necessity. We needed to transform radically, and we have. And I think that set us up really well for the future to deliver some of those financial aspirations we've talked about, which will ultimately mean we can deliver value for shareholders, but at the same time, playing a broader role in supporting a successful and vibrant digital economy for Australia. So thank you, everybody, for hooking in. And I hope you all continue to stay safe and sound during, obviously, these ongoing difficult times as we all deal with the COVID pandemic. So thanks, William. Thanks, Andy. And as I mentioned earlier, if we didn't get to your questions today, please contact us at investor.relations@team.telstra.com. You can find this email address on this page. As Andy just mentioned, just a reminder that our AGM will be held virtually in a couple of weeks' time on the 12th of October. You can find further details at telstra.com/agm. On behalf of the team at Telstra, I'd like to thank everyone who has joined us today. We hope you have found the meeting useful. Stay safe, take care, and have a nice day.