The Australian Federal Government has announced it will sell its two thirds stake in Telstra Corp following the next election. The initial one-third float of Telstra last year was such a success that Prime Minister John Howard is using the promise of total privatization of the telecommunications giant as a re-election strategy. A full sell-off would be worth around $40bn to the Government – a handy purse of money with which to fund election- time spending promises. The Prime Minister has publicly ear- marked some of the potential booty for capital works and employment opportunities in non-Metropolitan Australia. Opposition leader Kim Beazley has said he will oppose the sale.
