Industry committee  That is the math of it, yes.

Industry committee  I believe that you need a dynamic, competitive environment to continue to support a dynamic, competitive pricing structure.

Industry committee  It absolutely can. We've seen this in other markets, including looking south, where there essentially has been a move from four to three in the course of the last year and, by any objective standard, the U.S. market is both competitive and affordable.

Industry committee  Over the course of time, all the carriers have recognized that, in order to grow penetration and move into the 5G world, there has been opportunity to adjust price.

Industry committee  We'd be happy to. Thank you, sir.

Industry committee  If I could respectfully disagree.... Those comments were made in the context of support for facilities-based carrier builds. I think those comments can coexist.

Industry committee  Thank you, Brad. Mr. Masse, the government's spectrum policy has very sensibly evolved over time. I would briefly remind the committee that the history of this evolution is noteworthy here. The birth of this industry, back in the early mid-1980s, was able to take place because the government at the time provided free spectrum to the regional telcos, as well as to what at the time was Rogers Cantel, to move forward and basically birth a new industry, an industry that we all are incredibly grateful for.

Industry committee  I'm sorry. Go ahead, Brian.

Industry committee  If I could.... I won't speak to this particular auction because of the restrictions around it, but over time policy shifts based on what the objectives of the government of the day are and what the objectives of that particular spectrum band are. It is not, in our view, a conflict at all.

Industry committee  I don't think it's a contradiction, Mr. Poilievre. I said that we were not solely responsible for the change in pricing [Technical difficulty—Editor]. There were consumer pain points that, over the last number of years, Freedom has pointed out and that, frankly, the incumbents have reacted to in a way that essentially has changed the facts of where we are.

Industry committee  Mr. Poilievre—

Industry committee  Thank you, Brad. We believe that Canada needs dynamic competition, not a magic number of competitors. The test here really needs to be about how the market is performing. As you've heard today from a number of witnesses, there has been a significant and rapid decline in the cost of cellular service across Canada.

Industry committee  Thank you, Brad. I'll echo Joe's comments. We are faced with an opportunity going forward in 5G that we are challenged by in terms of the depth of spectrum assets we have and the ability to reach rural and remote communities. It's desperately needed, as some of you have commented before.

Industry committee  I'll take that on Brad's behalf. Joe's response was robust. We'll leave it at that. We have nothing to add.

Industry committee  Thank you, Brad. We spend about a billion dollars a year in capital. About $300 million of that is in wireless, and $700 million is in our wireline business, which of course is exclusively in the west. Those investments will continue, but as Joe pointed out, there are opportunities [Technical difficulty—Editor] that Shaw would not be able to take advantage of.