Further evidence of TNZs failure to invest in it's own business:

NZ Herald: http://www.nzherald.co.nz/section/story.cfm?c_id=5&objectid=10452563

Funny how they always have an excuse though:

"These amounts do not reflect the significant staff costs that may be involved in projects such as the NGN roll-out. They also don't take into account the extensive R&D undertaken by our strategic partners such as Alcatel-Lucent and Sprint which we, and our customers, also benefit from," said Telecom spokesman Brett Jackson.

I seriously hope that Paul Reynolds takes a long hard look at TNZ's direction and starts to consider the customers as more important than the shareholders.