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"How many telcos do we need? How many banks do we need? I think the market should be able to drive that if we're going to compete on the global stage."

Optus executives told the parliamentary hearing on Friday the telco provider had not foreseen a network-wide outage and so had no backup plan in place.

More than 10 million Australians were hit by the 12-hour network blackout at the nation's second-largest telco for much of Wednesday, triggering fury and frustration among customers and raising wider concerns about the telecommunications infrastructure.

Future Fund, set up in 2006 with the proceeds from the privatisation of state telco Telstra, missed its mandated 10% return target last financial year and underperformed several of the country's largest pension funds.

“My dad was a fighter. He loved it. He loved the big fight. When he started global crossing, it was about picking a fight with the big telcos,” said eldest son Adam.