Senator MARGETTS(7.18 p.m.) —I can imagine the frustration of people listening to this debate today on the Telstra (Dilution of Public Ownership) Bill. There is some ability to gain information under the bill, but I contend that if this bill goes through the government will not have the ability to act on it. We have all these assumptions. We have heard the Minister for Communications and the Arts (Senator Alston) talk about the ability in the future to be able to make appropriations—that is, to try to fix up muck-ups where those community service obligations are being provided.

But the reality is, if the power to direct has been taken from the minister and the government, who has that power? The power is in the board. The Gambotto case, I contend, is relevant. It is not possible to oppress minority shareholders. You are trying to maximise the price of this partial privatisation of Telstra because people are expecting to make a profit. They are not going to be buying Telstra in order to provide a public service.

So, basically, you could provide as many little packages of parliamentary appropriations as you like but you cannot force the entity you are creating to use them. They can say it is not in their interests to service. Even if you provide capital funding, they might decide, because you do not have the power to direct them, that they do not want the expense of servicing that capital. They might decide that you do not have the ability to even make them use your appropriations. That is the reality. You can appropriate for all you like, but you have lost that ability. Minister, if you do not have the power to direct, who does?

Progress reported.