Telecom's low level of investment in an Australian subsidiary is drawing criticism across the Tasman, where analysts are scathing of its strategy.
The company's subsidiary AAPT-PowerTel is the third-largest telecommunications provider in Australia.
Telecom acquired PowerTel last year, with the aim of expanding AAPT and bringing more customers on to the combined network.
Telecommunications analyst Paul Budde says he has lost hope in Telecom's ability to turn AAPT around.
He says Telecom's track record in Australia is "absolutely appalling" and the company needs to get its strategy right.
