"I believe the key ingredient we need to recapture in order to make the desired progress, is a growth element...." Mr Mansfield also said in the speech that competition has meant that Telstra's current market share is somewhere between 60 and 65 per cent, but management and the board believed predictions of further market share erosion were misplaced. "There is no law of economics or nature that says Telstra has to continue to lose market share," he said. Telstra was very focused on putting in place further programs designed to not only stabilise its market share but also to recover ground lost to competition. This remains a permanent challenge in this very competitive industry. Mr Mansfield said he was pleased to say that the regulatory environment had settled down considerably.