Mr FILING —My question is to the Minister for Finance. Minister, does the government intend to indemnify a partially privatised Telstra against losses on current works in progress such as the Jindalee over-the-horizon radar project? If so, what is the estimated exposure arising out of such an indemnity?

Mr FAHEY —I thank the honourable member for his question. As I indicated to the House yesterday, the government's advisers were appointed last week—the global coordinators and the lead managers. That team have already set about the process of developing the plan for sale. That will involve due diligence. The due diligence of Telstra will take some considerable time. These people are leaders in their field. They have had experience in Telstra sales. They will look very closely at the assets and liabilities of Telstra and in due course will give advice to government.

Clearly, Telstra is wholly owned by the taxpayers of Australia. In those circumstances, the government obviously has certain obligations to taxpayers. To the extent of the assets and liabilities, the debts that may or may not be there, information will be provided. That will come through the due diligence, and that will be known over the next few months to the government.