Several things need to be made clear. There is absolutely nothing wrong with any company making massive profits so long as it is done in the market place, and that goes for Telstra.
Profit acts as a signal, telling other producers that there are shortages to be eliminated.
In this way profits are competed away by new entrants who increase the supply of the product which lowers its price while simultaneously raising the prices of the product s complementary factors of production. Telstra, however, is not operating in a free market. It is a monstrosity created by the state in the misbegotten statist belief that free markets could not be trusted to provide us with cheap and efficient telephone systems, despite evidence to the contrary from overseas. Having been granted a monopoly by the state it behaved like a monopolist. Its privileged position created a managerial culture of extraction rather than service.