Government loses vote to sell Telstra stake

30 Oct 2003

A parliamentary vote has gone against the Australian government’s plan to sell its AUD31 billion (USD22 billion) stake in the nation’s biggest telephone company Telstra. The plan was defeated 34-26 in the upper house the Senate, where the Prime Minister John Howard’s government does not hold a majority. Telstra shares fell six cents, or 1.3%, to AUD4.72 yesterday.