Telstra's conflicted position as both legacy national carrier and large private company dedicated to generating shareholder income has led to lower earnings performance than many expected. Characterised as a growth stock in the expanding field of telecommunications, more recently rising capital demands have eaten into the company's cash-flows requiring debt to service its high dividend pay-out. A vigorous public relations campaign to protect the company's revenues has produced mixed benefits as the government attempts to meet its political obligations to regional and rural interests while simultaneously encouraging free competition between Telstra and its generally smaller competitors.