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Monday, 6 December 1999
Page: 12909


Mr Tanner asked the Minister for Finance and Administration, upon notice, on 25 August 1999:

(1) What sums did the Government budget for revenue from the sale of the remaining two-thirds of Telstra for (a) 1999-2000, (b) 2000-01, (c) 2001-02 and (d) 2002-03.

(2) What sums is the Government budgeting for revenue from the sale of the remaining 16.6% of Telstra for (a) 1999-2000, (b) 2000-01, (c) 2001-02 and (d) 2002-03.

(3) What reduction in Commonwealth debt arising from the sale of Telstra is assumed in the 1999 Budget.

(4) What is the revised estimate of debt reduction arising from the sale of 16.6% of Telstra.


Mr Fahey (Finance and Administration) —The answer to the honourable Member's question is as follows:

(1) (3) The estimates for Budget purposes of proceeds from the sale of the Government's remaining shareholding in Telstra, together with the estimates relating to the sale of 16.6% of Telstra and estimates of debt reduction that may be derived from those figures, are commercially confidential.

(4) Commonwealth Government debt will be reduced by $8.761 billion following receipt of the first instalment of the T2 share Offer and the provision of $1 billion in funding for the Telstra 2 social bonus. The debt is estimated to reduce by a further $6.265 billion following receipt of the second instalment in November 2000.