Australia's biggest telco now has 60 MHz of contiguous spectrum in all major capital cities and between 50-80 MHz of contiguous 5G spectrum in all regional areas.

Penn said: “This is an extremely significant moment for Telstra and as we set out last week at our Investor Day, 5G will bring enormous opportunities for growth.

"This is also a significant investment in the nation’s future connectivity, including large holding of regional spectrum, demonstrating our continued commitment to bring the latest technology to Australians in regional areas.

“Telstra is leading the way in working with suppliers and international standard bodies to develop the 5G ecosystem. This will enable us to provide the data, connectivity, low latency and speed necessary to enable new products and services that will radically alter the way we do business, consume content and connect with each other.

“We are very pleased with the outcome of the auction, both in terms of the spectrum we have secured and the overall way the auction was conducted.”

Penn said before this auction, Telstra had already switched on 130 5G-enabled sites across the country and planned to have 200 sites by the end of the year.

“Over the coming months we will continue expanding our 5G coverage with plans to roll out to more capital cities, regional centres and other high demand areas,” he said.

“Our aim, just as we were with 3G and 4G, is to be Australia’s leading 5G provider, through the culmination of an $8 billion investment over the five years to 30 June 2019 to enhance the capacity, capability and reach of Telstra’s mobile network.”