Government pushes through 16.6% sale of Telstra - News

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This story was printed from ZDNet Australia.
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Government pushes through 16.6% sale of Telstra

October 13, 2000
URL: http://www.zdnet.com.au/news/soa/Government-pushes-through-16-6-sale-of-Telstra-/0,139023165,120103468,00.htm

The government has passed legislation authorising the sale of another 16.6% of Telstra with the support of key independent senator Brian Harradine, whose support was gained by the promise of millions of dollars in new programs for Tasmania.

The further sale is expected to raise an additional $16 billion that will go towards reducing government debt and funding the $1 billion Accessing the Future program.

The legislation was passed with the support of Tasmanian independent Brian Harradine whose vote was purchased by promises of millions in subsidies for Tasmanian telecommunications, IT and environmental programs.

Under one of the new schemes $158 million will be put aside for the Building IT Strengths program which will includes the 'Intelligent Island' program which will attempt to develop a competitive IT industry in Tasmania. Another $9.4 million has been set aside for the Tasmanian Environment Tourism Employment and Training Initiative, to develop that state's eco-tourism sector.

Other new programs include:
$250 million to be set aside for the Natural Heritage Trust of Australia
$150 million to upgrade rural telecommunications infrastructure
$120 million to expand SBS services to rural Australia
$70 million to to establish rural centers for banking, post, phone, Medicare, phone and fax services
$36 million to expand rural access to the Internet.