Australian Government: Telstra Legislation Due Next Week

CANBERRA -(Dow Jones)- Australian Communications Minister Helen Coonan said Wednesday she expects to introduce into parliament next week legislation relating to the full sale of Telstra Corp. (TLS).

The legislation will pave the way for the government to divest its remaining 51.8% stake in Australia's dominant telecommunications company in late 2006.

"It (is) likely to be introduced next week; certainly not Monday, but probably later next week," Coonan told the National Press Club, noting there will be five bills in total to be presented to the parliament.

The government is set to gain parliamentary approval for Telstra's full privatization as soon as September, after key coalition senator Barnaby Joyce declared he will support the contentious legislation.

Finance Minister Nick Minchin's department has advertised for key advisory roles, including joint global coordinators, while he will outline a privatization strategy and timetable to Cabinet early next year.

Coonan also said that while it may not be possible to have legislation ready by the end of the year to overhaul strict media ownership laws, she certainly hopes to have a reform framework settled by Christmas.

-By Veronica Brooks, Dow Jones Newswires;

61-2-6208-0901; veronica.brooks@dowjones.com

-Edited by Paul Godby

(END) Dow Jones Newswires"

Posted to the site on 31st August 2005