Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

I would simply come back to the point that the government should not own any shares in Telstra. That has been our profound policy position since 1996. We have won four elections on the basis of a clear policy commitment that we should not own any shares in Telstra. It is absurd that the major telecommunications company of this country should have a majority government ownership. It is a massive, idiotic and irreconcilable conflict of interest for the government to be the regulator of telecommunications in this county and yet be the half-owner of this major corporation. Senator Coonan, like me and every other member of the coalition, wants to exit this company. We believe that the government should sell these shares. We have been working for some time, against the Labor Party—and contrary to the Labor Party’s interests, apparently—to endeavour to be in a position where we can free this company and its shareholders from this yoke that government ownership represents.

The only role that the government has in relation to Telstra is indeed voting on board members at annual general meetings and to fill casual vacancies. The government has every confidence in this board and its management. They are taking this company through a critical transition to ensure that it is able to meet the telecommunications needs of this country in a way that ensures it is profitable and able to deliver a return to its shareholders. It will be able to do that in a much more effective manner if it is free of the government’s 50 per cent shareholding.