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Telstra forced to separate ahead of T3 share sale
18 Aug 2005
Telstra will be split in two, with distinct network and retail divisions that must occupy separate premises and have separate management but may be owned under the same company structure. The federal government will regulate to enforce the structural, but not legal separation, of the company. The government will then seek to sell its 52 per cent stake in the company. A proportion of shares will be dedicated to a “communications fund”, the interest on which will pay for subsidies for service upgrades in the bush. The government said it would provide $878 million to subsidise the rollout of broadband infrastructure and $113 million to improve the electronic delivery of services such as health and education. A further $30 million will fund further improvements to mobile coverage and $90 million will upgrade communications facilities in indigenous communities. The new broadband funding will be offered to all industry participants, not just Telstra, and will apply to all technologies.
The Australian, 18/08/05
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