The thing is, would you like to see MyWireless Pty Ltd, rather? If the Sentech multimedia license, technology and the rest gets ceded to a "private" company, then why did government bother giving these licenses to Sentech in the first place? Who controls and owns the licenses? What do the shareholders control?
Government will never go for the first option (spin-off privatisation), as it's to difficult too implement, and too politically landmined. The second option is too expensive, and a public-private-partnership will take another 5 years to mature keeping in mind the fast pace of government reaction.
Instead, government should just give out as many licenses as required to saturate the market, and ensure in that way that competition gets driven out of the metropolitan areas to more rural areas where competition is less stiff.
More competition, more players. That's what works. It's been proven the world over. Rather than privatize, or PPP, or funding MyWireless, government should rather just dish out more comms licenses. The task of dishing out licenses is essentially a no-cost operation. We have a regulator already that's supposed to police operators. Get more operators, beef up the regulator, and free up the competition...
Hallo government!