Australia Sells Another Chunk Of Telstra

Jan. 13, 2005
The Australian Senate this week passed legislation allowing the governing Liberal-National Coalition to sell an additional 16.6% of telecommunications giant Telstra Corp. Ltd., which will reduce the government's holding to 50.1%. At Telstra's current ...

The Australian Senate this week passed legislation allowing the governing Liberal-National Coalition to sell an additional 16.6% of telecommunications giant Telstra Corp. Ltd., which will reduce the government's holding to 50.1%. At Telstra's current share value, the sale -- expected in October -- would raise about AUS$16 billion (US$10.6 billion) and allow the government to reduce its net debt to around $51 billion (US$33.7 billion) by June 2000. Passage of the sale bill followed the government's promise to increase its "social bonus" spending package from the sale proceeds. The remaining funds raised from the sale will be used to retire government debt.

Popular Sponsored Recommendations

3D Printing a More Efficient Factory Floor

Nov. 16, 2023
Today’s additive manufacturing platforms make it simple to print a wide range of high-performing industrial parts as soon as possible and right where you need them — unlocking...

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

How Digital Twin Technology is Empowering Manufacturers

Sept. 27, 2023
This FAQ delves into why this technology offers business value and considerations toward implementation.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!