Fiscal risks — expenses

Finance and Administration

Asset sales — Telstra

The forward estimates include the effect of the sale of the Australian Government’s shareholding in Telstra, noting that the level of proceeds will depend, inter alia, on the prevailing levels of world equity markets at the time of sale. A decision by the Government on the nature and timing of a sale will not be made until the first quarter of 2006 and will be conditional on achieving an appropriate return to the taxpayer.