Govt moves its Telstra stake to the Future Fund
6:00 PM February 28
The Federal Government has transferred its remaining 17 per cent stake in Telstra to the Future Fund.
The fund has been set up to cover the superannuation of public servants, and now has a balance of almost $50 billion.
The Government's Telstra stake is worth about $9 billion, and Finance Minister Nick Minchin says the shares are now in the control of the Future Fund board.
"The Government can now focus solely on its role as the regulator of Telstra without the inherent conflict caused by our ownership of the company," he said.
"The second thing to note is that today's transfer takes the balance of the Future Fund to nearly $50 billion." Source: ABC
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