The release of the 1998-99 cabinet papers by the National Archives of Australia has detailed how the Howard government’s decision to list Telstra on the New York Stock Exchange (NYSE), which eventually took place in October 1999, was all part of its broader plan to partially sell the telecommunications giant that would become known as T2. In a joint submission made by Minister for Finance John Fahey, Minister for Communications and the Arts Richard Alston, and Treasurer Peter Costello, they said an assessment carried out by CS First Boston (CSFB) had supported the recommendation that Telstra shares be listed on the NYSE as they believed it would “promote greater research on Telstra by specialist analysts; materially contribute to pricing; and provide long term quality investor base which should assist in stabilising trading shares after the sale”.

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