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The federal government raised $853m from the 5G spectrum auction in Dec 2018- over four times the reserve price.

TPG and Vodafone elected to bid as a joint venture. Bidding was boosted up by strong bidding for ‘regional’ lots that drove the cost twenty times higher than the reserve, in part because they overlapped major urban areas. Metropolitan lots went for around the auction starting price. The total of all 350 national lots at the reserve price was $185m.

Telstra successfully bid for 143 lots at $386 million, TPG / VHA JV bid for 131 lots at $263m, Optus bid for 47 lots at $185m. Dense Air Australia was a surprise bidder securing 29 lots for $18.5m.