TLDR version: Amaysim plans to launch NBN services. Optus’ need for broadband growth is a potential driver for Amaysim’s return to the fixed market. Another driver is the changing role of telcos’ own challenger brands. We think competition is rising with consumers’ willingness to explore brands that target specific segments. This evolving broadband landscape has implications for how the major telcos will need to manage their brands, and for the opportunities that may arise in the wholesale ecosystem.