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# Financial Report

## Financial Statements

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| Independent Audit Reports308Statement of Financial Performance
for the year ended 30 June 2002
Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June200220022001200020022001		Note$mUS$m$m$m$m$mOrdinary activitiesRevenueSales revenue	2,320,19611,31018,67919,34318,21717,701Other revenue (excluding interest revenue)	2,36063394,3041,1624873,94320,80211,64922,98320,50518,70421,644ExpensesLabour	33,2401,8143,1223,8002,5752,724Direct cost of sales (1.26)	33,9662,2213,1334,0633,0042,389Other expenses	34,0322,2586,7114,0215,0556,54111,2386,29312,96611,88410,63411,654Share of net losses of associates and joint venture entities	24814518358--11,3196,33813,14911,94210,63411,654Earnings before interest, income taxexpense, depreciation and amortisation (EBITDA) (1.26)	9,4835,3119,8348,5638,0709,990Depreciation and amortisation	33,2671,8302,8712,6462,7822,618Earnings before interest and income tax expense (EBIT) (1.26)	6,2163,4816,9635,9175,2887,372Interest revenue	21267110362183194Borrowing costs	3896502769630913815Net borrowing costs	770431666568730621Profit before income tax expense5,4463,0506,2975,3494,5586,751Income tax expense	41,7961,0062,2921,8481,8332,244Effect of decrease in tax rates on deferred tax balances	4--(56)(172)-(64)Total income tax expense	1,7961,0062,2361,6761,8332,180Net profit3,6502,0444,0613,6732,7254,571Outside equity interests in net (profit)/loss	116(3)4--Net profit available to Telstra Entity shareholders3,6612,0504,0583,6772,7254,571.Other valuation adjustments to equityNet exchange differences on translation of non-Australian controlled entities' financial statements	(87)(49)6112--Reserves recognised on equity accounting our interest in joint ventures and associates	4123(33)(9)--Fair value reserve recognised on acquisition of controlling interest in joint venture entity	5430----Asset revaluation decrements taken through the reserve	---(25)--Valuation adjustments available to Telstra Entityshareholders and recognised directly in equity8428(22)--Total changes in equity other than thoseresulting from transactions with TelstraEntity shareholders as owners3,6692,0544,0863,6552,7254,571¢US¢¢¢Basic and diluted earnings per share (cents per share)	628.516.031.528.6Final dividend per share (cents per share)	711.06.011.010.0
The notes following the financial statements form part of the financial report.
Statement of Financial Position
as at 30 June 2002
******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June20022002200120022001		Note$mUS$m$m$m$mCurrent assetsCash assets	81,0705991,077489795Receivables	94,0632,2754,3075,5229,911Inventories	10204114320160200Other assets	141,038582549947524Total current assets	6,3753,5706,2537,11811,430Non current assetsReceivables	97204031,8038361,892Inventories	102011878Investments - accounted for using the equity method	111,1976701,2593433Investments - other	11105591434,7623,355Property, plant and equipment	1223,42113,11622,80321,85221,867Future income tax benefit	413274114--Intangible assets	133,4211,9163,012274373Other assets	142,2061,2352,0782,0621,885Total non current assets	31,22217,48431,22029,82729,413Total assets37,59721,05437,47336,94540,843Current liabilitiesPayables	152,7911,5632,8722,2312,148Interest-bearing liabilities	161,8661,0452,6043,0387,433Income tax payable	4632354657572622Provisions	171,9031,0652,0181,7231,902Revenue received in advance	1,0375811,128859904Total current liabilities	8,2294,6089,2798,42313,009Non current liabilitiesPayables	1512972120683Interest-bearing liabilities	1611,8606,64211,38611,82911,345Income tax payable	4--91-91Deferred income tax	1,9871,1131,5731,8311,472Provisions	17848475846757769Revenue received in advance	438245456420432Total non current liabilities	15,2628,54714,47214,90514,112Total liabilities23,49113,15523,75123,32827,121Net assets14,1067,89913,72213,61713,722Shareholders' equityTelstra EntityContributed equity	186,4333,6026,4336,4336,433Reserves	14811277277Retained profits	7,6614,2906,7956,9077,012Shareholders' equity available to Telstra Entity shareholders	14,1087,90013,23913,61713,722Outside equity interestsContributed equity	212119490--Reserves	341933--Accumulated losses	(248)(139)(40)--Total outside equity interests	(2)(1)483--Total shareholders' equity14,1067,89913,72213,61713,722Expenditure commitments, contingent liabilities and assets	20,21
The notes following the financial statements form part of the financial report.
Statement of Cash Flows
for the year ended 30 June 2002
******Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June200220022001200020022001		Note$mUS$m$m$m$m$mCash flows from operating activitiesReceipts from trade and other receivables (inclusiveof goods and services tax (GST)) (c) (1.20)	22,29112,48320,91218,53320,03419,766Payments of accounts payable and to employees(inclusive of GST) (c) (1.20)	(11,837)(6,628)(11,136)(10,493)(9,715)(10,355)Interest received	5229706092166Borrowing costs paid	(897)(502)(813)(622)(943)(876)Dividends received	1061616139Income taxes paid	(1,503)(842)(1,455)(947)(1,479)(1,393)GST remitted to the Australian Taxation Office (ATO)	(1,018)(570)(995)-(945)(993)Net cash provided by operating activities (a)7,0983,9766,5996,5477,0456,354Cash flows from investing activitiesPayments for:- property, plant and equipment	(2,958)(1,657)(3,259)(4,006)(2,778)(3,151)- internal use software assets	(527)(295)(706)(577)(536)(571)- patents, trademarks and licences	--(332)(101)-(4)- deferred expenditure	(6)(3)(71)(21)(3)(14)Capital expenditure (before investments)	(3,491)(1,955)(4,368)(4,705)(3,317)(3,740)- shares in controlled entities	(50)(28)(3,056)(163)(118)(2,165)- investment in joint venture entities	(67)(37)(131)(37)--- investment in associated entities	(40)(22)(11)(131)--- shares in listed securities and other investments	(14)(8)(38)(267)(13)(20)Investment expenditure	(171)(95)(3,236)(598)(131)(2,185)Total capital expenditure	5(3,662)(2,050)(7,604)(5,303)(3,448)(5,925)Proceeds from:- sale of property, plant and equipment	194109288243189287- sale of patents, trademarks and licences	1114--14- sale of shares in controlled entities	--427-4- sale of joint venture entities and operations	--37--- sale of listed securities and other investments	1769839713055- sale of business	3318528-29524Net cash used in investing activities(3,258)(1,824)(6,370)(4,896)(3,225)(5,091)Cash flows from financing activitiesProceeds from:- borrowings	13,4877,55223,52115,39613,66722,498- Telstra bonds	987553-495987-Repayment of:- borrowings	(15,441)(8,647)(19,193)(13,290)(15,941)(19,373)- Telstra bonds	(41)(23)(565)(81)(41)(565)- finance leases principal amount	(18)(10)(14)(26)(7)(17)Payments for convertible note	--(1,366)--(1,366)Employee share loans (net)	402227-4027Dividends paid	(2,831)(1,586)(2,316)(4,375)(2,831)(2,316)Net cash (used in)/provided by financing activities(3,817)(2,139)94(1,881)(4,126)(1,112)Net increase/(decrease) in cash2313323(230)(306)151Foreign currency conversion(20)(11)----Cash at the beginning of the year1,067597744974795644Cash at the end of the year (b)1,0705991,067744489795Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June200220022001200020022001		Note$mUS$m$m$m$m$mCash flow notes(a) Reconciliation of net profit to netcash provided by operating activitiesNet profit	3,6502,0444,0613,6732,7254,571Add/(subtract) the following transactionsDepreciation and amortisation	33,2671,8302,8712,6462,7822,618Accrued interest on convertible note issued by PCCW	(85)(48)(29)-(85)(29)Dividends received from associated entities	249514-1(Profit)/loss on sale of property, plant and equipment	342(7)(26)4(10)(Profit) on sale of patents, trademarks and licences	3(1)(1)(8)--(11)(Profit)/loss on sale of controlled entities	3(3)(2)(4)(97)-17(Profit) on sale of joint venture and associated entities	3--(2)(25)--(Profit)/loss on sale of listed securities and othercorporations	353(266)(133)(1)-(Profit) on sale of business	3--(852)(58)-(2,130)Borrowing costs included in the costof constructed assets	3(115)(64)(108)(125)(115)(108)Share of joint venture entities' net losses	24794412851--Share of associated entities' net losses	2421557--Provision for reduction in value of investments	326151,065394452,176Provision for reduction in value of convertible note	39654--96-Provision for reduction in value of controlled entityreceivables	3----830-Reduction in value of internal use software assets	3--31--31Net foreign currency conversion differences	(14)(8)14(20)-14Writeback of TSS additional contributions	2--(725)--(725)Decrease in non cash revenue received in advance	225126779-(62)589Increase in non cash operating deferred expenditure	(7)(4)(560)-29(560)Other	3117--3-Movements in operating assets and liabilities(Increase)/decrease in trade debtors and other debtors	233131(464)(253)67(407)(Increase)/decrease in inventories	945325(90)37(31)(Increase)/decrease in deferred expenditure and prepayments	(45)(25)713(15)(29)(Increase)/decrease deferred mobile phone handset subsidies	5229(79)(174)52(79)Increase/(decrease) in accounts payableand other creditors	(219)(122)45715170227Increase/(decrease) in revenue received in advance	(338)(189)(15)-41Increase in net taxes payable	293164781729354770Increase/(decrease) in provisions	(176)(99)(583)232(174)(542)Movement in foreign currency conversion reserve	3520263--Net cash provided by operating activities7,0983,9766,5996,5477,0456,354(b) Reconciliation of cashCash at the end of the year as shown in the statement ofcash flows agrees to the net amount of the followingitems in the notes to the financial statements:Cash assets	81,0705991,077751489795Bank overdraft	16--(10)(7)--1,0705991,067744489795
(c) Goods and Services Tax (GST)

Our receipts from trade and other receivables includes estimated GST of $1,975 million (2001: $1,888 million) collected by us as agent for the ATO.  Our payments of accounts payable and to employees include estimated GST payments made by us for goods and services obtained in undertaking both operating and investing activities.  GST paid associated with operating activities amounted to $615 million (2001: $553 million) whilst GST paid relating to investing activities amounted to $342 million (2001: $340 million).

(d) Significant financing and investing activities that involve components of non cash

**Property, plant and equipment**

Our property, plant and equipment includes borrowing costs of           $83 million (2001: $77 million; 2000: $102 million) which have been included in the cost of constructed assets.

We acquired plant and equipment with a fair value of $9 million using  finance leases during fiscal 2002 (2001: $14 million; 2000: $23 million).  As these acquisitions did not involve cash, they are not reported in the statement of cash flows.  Our finance lease liability also includes $1 million (2001: $3 million; 2000: $9 million) relating to non cash, foreign currency revaluations.

**Sale and leaseback transactions**

There were no significant sale and leaseback transactions entered into during fiscal 2002.

During fiscal 2001, we entered into a sale and leaseback of non communications plant, server and mid range IT equipment totalling $110 million.  The leaseback entered into is classified as an operating lease, and the revenue received from the sale has directly offset the retirement expense.  The cash inflow from this sale is recognised in our proceeds from the sale of property, plant and equipment.  During fiscal 2002, there was an additional $23 million sale and leaseback recognised relating to this same transaction.

In June 2000, we entered into a sale and leaseback of certain communication plant totalling $463 million.  As the sale and leaseback entered into was a finance lease, the gain on sale (which was not significant) was deferred and no sales revenue was recognised.  Under the terms of the agreement, we prepaid all amounts due under the lease by offsetting them against the sale proceeds.  As no cash flows resulted from this transaction it is not reported in the statement of cash flows.

**Software assets (internal use software assets)**

Our software assets include borrowing costs of $32 million (2001: $31 million, 2000: $23 million) which have been included in the cost of constructed assets.

(e) Financing facilities
Details of credit standby arrangements and loan facilities are shown in note 16.

(f) Acquisitions 

On 12 December 2001, we increased our holding in our joint venture entity TelstraClear Limited (TelstraClear) (formerly TelstraSaturn Limited) by 8.4%.  As a result, our 58.4% interest represents a controlling interest in this company.  We have consequently ceased equity accounting and have consolidated the financial position, financial performance and cash flows of the TelstraClear Group from 1 December 2001.

Cash consideration for this acquisition was $40 million (NZD$50 million) for which we received an additional 52,500,000 shares in TelstraClear.

On 23 May 2002, we acquired 100% of the share capital in CitySearch Australia Pty Ltd (CitySearch).  Cash consideration for this acquisition was $17 million.

The amount of cash, other assets and liabilities we acquired as a result of obtaining our increased interest in TelstraClear and our shareholding in CitySearch are as follows:Year ended 30 June2002Acquisition of controlled entities$mConsideration for acquisitionCash	56Costs of acquisition	157Fair value of assets and liabilities acquired by major classNet overdraft held on acquiring control	(5)Receivables	64Inventories				17Property, plant and equipment	777Identifiable intangible assets	249Other assets	8Payables	(55)Borrowings	(406)Amounts owed to Telstra Corporation Ltd (a)	(367)Provisions	(72)Finance lease liability	(10)Other liabilities	(80)Fair value of net assets on gaining control	120Outside equity interest relating to TelstraClear	(47)Original 50% interest in fair value of TelstraClear's net assets prior to obtaining increased shareholding	(56)Net assets acquired	17Goodwill on acquisition (b)	4057Outflow of cash on acquisitionConsideration for acquisition	(56)Net overdraft held by TelstraClear on gaining control	(5)Costs of acquisition	(1)(62)
(a)  Included in our repayment of borrowings line in the statement of cash flows is a $367 million loan provided to TelstraClear.  This funding was used to facilitate the purchase of the Clear Communications Limited Group.

(b)  Included in our goodwill on acquisition is $31 million relating to TelstraClear.  Goodwill recognised from the original acquisition of our 50% interest in TelstraClear was $49 million as at 1 December 2001.  Upon acquisition of our additional 8.43% controlling interest, the total goodwill relating to TelstraClear was $80 million.

Regional Wireless Company

On 28 June 2002, we acquired an additional 40% interest in Joint Venture (Bermuda) No. 2 Limited (known as Regional Wireless Company or RWC) giving us 100% ownership of this company and its controlled entities.  As consideration for this acquisition, PCCW redeemed the US$750 million convertible note and issued a new US$190 million mandatorily converting note.  The fair value of consideration for this acquisition amounted to $992 million (refer to note 9 and note 23 for further details).  As no cash was involved, this transaction is not reflected in our statement of cash flows.  In addition, as we controlled RWC prior to this transaction, we were already consolidating their results, financial position and cash flows into the Telstra group.  Refer to section (h) for information on the acquisition of our original 60% interest in RWC.

(g)  Disposals and entities deconsolidated

During fiscal 2002, we deconsolidated our interests in Keycorp Limited (Keycorp) and Telstra Vishesh Communications Private Limited (Telstra VComm).

We signed a deed poll effective 28 June 2002, which gave up our rights to appoint a majority of the directors to the board of Keycorp.  As a result, we no longer have the capacity to control the company and have deconsolidated its statement of financial position as at that date (refer to note 23 and 24 for further details).  Refer to section (i) for information on the original acquisition of our interest in Keycorp.

On 13 May 2002, we sold our ordinary shareholding in Telstra VComm and acquired non voting preference shares for $11 million on the same date.  As a result of this transaction, we no longer control this company and have deconsolidated its statement of financial position (refer to note 23 for further details).

The cash, other assets and liabilities deconsolidated as a result of these transactions are as follows:Year ended 30 June2002Assets and liabilities deconsolidated by major class$mCarrying amounts of assets and liabilities deconsolidated by major classNet overdrafts held on deconsolidation	(12)Receivables	17Inventories				24Property, plant and equipment	11Intangible assets	18Other assets	1Payables	(27)Borrowings	(47)Provisions	(3)Net assets deconsolidated	(18)Inflow of cash on deconsolidationNet overdrafts held	(12)
The inflow of cash relating to overdrafts held on deconsolidation have been offset against our payments for shares in controlled entities in the statement of cash flows.

During fiscal 2001 and fiscal 2000 we had the following significant acquisitions and disposals of businesses:

(h) Telstra's Asian Ventures

In fiscal 2001, we completed our strategic alliance with Pacific Century CyberWorks Limited (PCCW).  Under these arrangements, the following acquisitions and disposals took place with effect from 1 February 2001:
-   Reach Ltd   Reach Ltd (Reach) was formed through the combination of our international wholesale businesses and certain wholesale assets together with certain PCCW assets.  In return for the businesses and assets we contributed, we received net cash of $680 million and a 50% equity interest recorded at $1,727 million, including capitalised acquisition costs.  Reach operates as a provider of voice, data and internet connectivity services in the Asia Pacific region.  The businesses we contributed included the global wholesale division of Telstra Corporation Limited and a number of controlled entities as listed below:  **Global wholesale divisions**    -   Global Connect (part thereof)   Global Wholesale - Australian Point of Presence (PoP) Telstra Inc. (part thereof)
**Controlled entities**-   Telstra Global Networks Limited   Telstra Japan KK Telstra Korea Limited
-   Telstra Germany GmbH   Telstra France SA Telstra Singapore Pte Ltd
-   Telstra International (HK) Holdings Limited   Telstra Wholesale Trading Inc. Telstra (UK) Limited
-   Telstra Global Wholesale (NZ) Limited   Telstra (Malaysia Holdings) Sdn. Bhd. Australian Network Company Pty Ltd
The carrying amounts of cash, other assets and liabilities contributed is presented in the following table:Year ended 30 June2001Assets and liabilities contributed by major class$mProceeds on disposalCash	680Issue of shares (excluding associated costs)1,6922,372Cash64Receivables		142Property, plant and equipment	647Other assets	87Payables	(403)Borrowings	(16)Carrying amount of assets contributed521Other items	47Other associated costs (including stamp duty)	100Book value of businesses and controlled entities contributed to Reach and associated costs (note 3)	668Net outflow of cash on contribution	(64)Net inflow of cash as consideration	680616
Refer note 24 for further details on our investment in Reach.
-  **Joint Venture (Bermuda) No. 2 Limited**    We acquired a 60% controlling interest in Joint Venture (Bermuda) No. 2 Limited (known as Regional Wireless Company, or RWC).  Consideration for this acquisition totalled $3,085 million (including capitalised acquisition costs).  RWC operates as a provider of wireless connectivity services in the Asia Pacific region.  The fair value of cash, other assets and liabilities we acquired as a result of the acquisition is presented in the following table:Year ended 30 June2001Assets and liabilities acquired by major class$mCash	40Receivables		50Inventories		14Property, plant and equipment	430Identifiable intangible assets	759Other assets	49Payables	(198)Provisions	(103)Fair value of net assets acquired		1,041Telstra share of fair value of net assets acquired625Goodwill on acquisition1,461Write off of acquisition costs	9993,085Inflow of cash on acquisition	40Outflow of cash on acquisition	3,085
Refer note 23 for further details on our investment in RWC.

(i) Other acquisitions of businesses

During fiscal 2001, we acquired a 50.9% controlling interest in Keycorp Limited (Keycorp).  As consideration, we sold our EFTPOS payments carriage, installation and maintenance business to Keycorp for $426 million.

The amount of cash, other assets and liabilities we acquired as a result of obtaining our interest in Keycorp are presented in the following table.  
Year ended 30 June2001Acquisition of controlled entities  and businesses$mConsideration for acquisitionSale of EFTPOS payments carriage, installation     and maintenance business	426Costs of acquisition		12438Less elimination of goodwill(intercompany transaction)	42612Outside equity interest (49.1%)	1729Fair value of assets and liabilities acquired by major classCash held by Keycorp on acquisition	1Receivables	40Inventories				29Investments			20Property, plant and equipment	5Identifiable intangible assets	19Other assets	7Payables	(37)Borrowings	(47)Provisions	(3)Fair value of net assets acquired	34Less discount on acquisition	529Inflow of cash on acquisitionCash held by Keycorp on acquisition	1
There were no significant acquisitions of businesses during fiscal 2000.

(j) Other disposals of businesses 

In fiscal 2000, the cash, other assets and liabilities disposed of related to the sale of Telstra New Zealand and Netlink Limited (as a consolidated group), Modi Telstra Limited, Lawpoint Pty Ltd and the sale of assets to Xantic B.V. (formerly Station 12 B.V.) and are presented in the table below:Year ended30 June2000Disposal of controlled entities and businesses$mProceeds on disposalCash	27Issue of shares	391418Carrying amounts of assets and liabilities disposed of by major classCash net of bank overdrafts held by the entities on disposal	27Receivables	81Investments	23Property, plant and equipment	93Intangible assets	20Other assets	3Payables	(50)Borrowings	(12)Provisions	(4)Net assets disposed	181Net inflow of cash on disposals	-
In fiscal 2000, we were involved in the following significant transactions that did not involve cash:-   on 6 April 2000, we sold Telstra New Zealand and its wholly owned controlled entity Netlink Limited in exchange for a 50% interest in the company then known as TelstraSaturn Limited.  We received shares valued at A$195 million;  on 17 May 2000, we sold our 60% interest in our controlled entity Lawpoint Pty Ltd for $26 million in exchange for shares in Solution 6 Holdings Limited; andon 15 May 2000, we sold our global satellite business with tangible assets of $75 million (including our investment in INMARSAT HOLDINGS PLC), to Xantic 12 B.V., a joint venture entity, in exchange for shares in Xantic 12 B.V. valued at $170 million (a 35% interest).  Cash was not received for this sale and no cash was used to pay for the shares in Xantic 12 B.V..Statement of Changes in Shareholders' Equity
for the year ended 30 June 2002
Telstra GroupReservesForeignContributedAssetcurrencyOutsideequityrevaluationtranslationGeneralRetainedequity(i)(ii)(iii)(iv)profitsinterestsTotal$m$m$m$m$m$m$mBalance at 30 June 19996,43357(44)13,8093810,294- change in outside equity interests capital, reserves and accumulated losses (apart from interests in net loss)	-----(27)(27)- net profit/(loss)	----3,677(4)3,673- reduction in value of property, plant and equipment	-(25)----(25)- reserves recognised on equity accounting our interest in joint venture entities'	--(9)---(9)- adjustment on translation of non-Australian controlled entities' financial statements	--12---12- dividends (Note 7)	----(2,316)-(2,316)Balance at 30 June 20006,43332(41)15,170711,602- change in outside equity interests capital, reserves and accumulated losses (apart from interests in net profit)	-----473473- net profit	----4,05834,061- reserves recognised on equity accounting our interest in joint venture entities' and associates	--(33)3--(30)- adjustment on translation of non-Australian controlled entities' financial statements	--61---61- transfer of foreign currency conversion reserve on sale of controlled entities	--(12)-12--- dividends (Note 7)	----(2,445)-(2,445)Balance at 30 June 20016,43332(25)46,79548313,722(continued over page)
The notes following the financial statements form part of the financial report.
Telstra GroupReservesForeignContributedAssetcurrencyConsolid-OutsideequityrevaluationtranslationGeneralationRetainedequity(i)(ii)(iii)(iv)Fair ValueprofitsinterestsTotal$m$m$m$m$m$m$m$mBalance at 30 June 20016,43332(25)4-6,79548313,722- change in outside equity interests capital, reserves and accumulated losses (apart from interests in net profit)	------(445)(445)- net profit/(loss)	-----3,661(11)3,650- reserves recognised on equity accounting our interest in joint venture entities' and associates	--62(21)---41- adjustment on conversion of non-Australian controlled entities' financial statements	--(87)----(87)- dilution of outside equity interest on acquisition of controlled entity through additional share issue	-----29(29)-- fair value adjustment on acquisition of controlling interest in joint venture entity	----541-55- transfer of foreign currency translation reserve on sale of controlled entities	--(5)--5--- dividends (Note 7)	-----(2,830)-(2,830)Balance at 30 June 20026,43332(55)(17)547,661(2)14,106Balance at 30 June 2002 US$m3,60219(31)(10)304,290(1)7,899
(i) Refer to note 18 for details of the Telstra Group's contributed equity.(ii) The asset revaluation reserve was previously used to record revaluations in the value of non current assets.  From 1 July 2000, as allowed under AASB 1041, "Revaluation of Non-Current Assets", we have deemed the carrying value of our property, plant and equipment assets (refer to note 12) to be cost.  As a result, the asset revaluation reserve may no longer be used to record the writedowns of these assets to recoverable amount.   Any writedowns of these assets to recoverable amount from 1 July 2000 must be made through the statement of financial performance (refer note 1.12). 

As a consequence of implementing AASB 1041, we have also discontinued our policy of revaluing property, plant and equipment upwards.  The asset revaluation reserve is no longer able to be used for distribution to shareholders or for offsetting revaluation decrements due to legal and accounting restrictions.

(iii) The foreign currency translation reserve is used to record exchange differences arising from the conversion of our non-Australian operations' financial statements into Australian dollars.  Conversion for operations where entities operate on their own are taken to the foreign currency translation reserve whilst conversion for those entities that operate with us are taken to the statement of financial performance (refer note 1.5).  This reserve is also used to record our percentage share of exchange differences arising from equity accounting our non-Australian investments.

The foreign currency translation reserve applicable to joint venture entities and associated entities is shown in note 24.

(iv) The general reserve represents our share of the capital reserve of  joint venture entities and associated entities as a result of equity accounting.  The amount of reserves applicable to these investments are shown in note 24.
Telstra EntityReservesAssetContributedrevaluationRetainedequity (i)(ii)profitsTotal$m$m$m$mBalance at 30 June 19996,4333023,55910,294- net profit	--3,6433,643- reduction in value of property, plant and equipment	-(25)-(25)- dividends	--(2,316)(2,316)Balance at 30 June 20006,4332774,88611,596- net profit	--4,5714,571- dividends (Note 7)	--(2,445)(2,445)Balance at 30 June 20016,4332777,01213,722- net profit	--2,7252,725- dividends (Note 7)	--(2,830)(2,830)Balance at 30 June 20026,4332776,90713,617
(i) Refer to note 18 for details of the Telstra Entity's contributed equity.

(ii) The asset revaluation reserve was previously used to record revaluations in the value of non current assets.  From 1 July 2000, as allowed under AASB 1041, "Revaluation of Non-Current Assets", we have deemed the carrying value of our property, plant and equipment assets (refer to note 12) to be cost.  As a result, the asset revaluation reserve may no longer be used to record the writedowns of these assets to recoverable amount.  Any writedowns of these assets to recoverable amount from 1 July 2000 must be made through the statement of financial performance (refer note 1.12).

As a consequence of implementing AASB 1041, we have also discontinued our policy of revaluing property, plant and equipment upwards.  The asset revaluation reserve is no longer able to be used for distribution to shareholders or for offsetting revaluation decrements due to legal and accounting restrictions.
Notes to the Financial Statements1. Summary of accounting policies
In this financial report, we, us, our, Telstra and the Telstra Group - all mean Telstra Corporation Limited, an Australian corporation and its controlled entities as a whole.  Telstra Entity is the legal entity, Telstra Corporation Limited.

Our financial or fiscal year ends on 30 June.  Unless we state differently, the following applies:-  year, fiscal year or financial year means the year ended 30 June;   balance date means the date 30 June; and2002 means fiscal 2002 and similarly for other fiscal years.
The main accounting policies we used in preparing the financial report of the Telstra Entity and the Telstra Group are listed below.  These are presented to assist your understanding of the financial reports.  These accounting policies are consistent with those adopted in previous periods, unless a change in accounting policy has been made and brought to your attention.
1.1  Basis of preparation of the financial report
This financial report is a general purpose financial report prepared in accordance with:-  the Australian Corporations Act 2001;  Accounting Standards applicable in Australia;other authoritative pronouncements of the Australian Accounting Standards Board; 
-  Urgent Issues Group Consensus Views; and  Australian generally accepted accounting principles (AGAAP).
This financial report is prepared in accordance with historical cost, except for some categories of investments which are equity accounted.  Cost is the fair value of the consideration given in exchange for net assets.

We have prepared this financial report using Australian dollars.  For convenience of our international readers we show some information in United States dollars and this is clearly highlighted.

In preparing this financial report, we have been required to make estimates and assumptions that affect:-  the reported amounts of assets and liabilities;  the disclosure of contingent assets and liabilities; andrevenues and expenses for the period.
Actual results could differ from those estimates.
Note 30 contains a reconciliation of the major differences between our financial report prepared under Australian generally accepted accounting principles (AGAAP) and those applicable under United States generally accepted accounting principles (USGAAP).
United States dollar conversions
This financial report has been prepared using Australian dollars (A$m).  For the convenience of readers outside Australia we have converted our statement of financial performance, statement of financial position, statement of cash flows and United States generally accepted accounting principles disclosures from A$ to US$ for fiscal 2002.
These conversions appear under columns headed "US$m" and represent rounded millions of US dollars.  The conversion has been made using the noon buying rate in New York City for cable transfers in non-US currencies.  This rate is certified for custom purposes by the Federal Reserve Bank of New York.  The rate on 30 June 2002 was A$1.00 = US$0.56.
These conversions are indicative only and do not mean that the A$ amounts could be converted to US$ at the rate indicated.
1.2  Change in accounting policies
There have been no accounting policy changes made during fiscal 2002.
The following accounting policy change occurred during fiscal 2001
**Revenue recognition**
It is our policy to prepare our financial statements to satisfy both AGAAP and USGAAP and, in cases where there is no conflict between the two, we ensure that we incorporate the more detailed requirements in both AGAAP and USGAAP financial statements.
The US Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements" (SAB 101) had application to us for our USGAAP accounts from 1 July 2000.
SAB101 gives the SEC staff's interpretation of existing accounting principles on the timing of recognition of revenues and associated expenses in the financial statements.  As the underlying accounting principles of revenue recognition are the same for both AGAAP and USGAAP, we have applied the more detailed SAB101 guidance to the timing of revenue recognition to both AGAAP and USGAAP financial statements.  We accounted for the adoption of SAB101 as a change in accounting principle effective 1 July 2000.
The major revenue and associated expense items impacted were:-  basic access installation and connection fees for in place and new services;  up-front mobile phone connection fees;commission revenue for our printed directories; and
-  on line directories and voice services.    Installation and connection fees  Consistent with industry practice, certain installation and connection fees were previously recognised on connection of the service.  Under SAB101, these installation and connection fee revenues are deferred and recognised over the average estimated customer contract life.  For basic access installation and connections this is an average of five years.  Incremental costs directly related to these revenues are also deferred and amortised over the customer contract life.  Any costs in excess of the revenue deferred are recognised immediately.  Commission revenue for printed directories  Previously, commission revenue for printed directories earned for sale of directory advertising space was recognised on signing of the advertising agreements with customers, while the balance of the revenue was deferred until the directories were published.  Under SAB101 we have deferred the recognition of all revenue earned for a directory until the directory is published.  On line directories and voice services  Previously, revenue for our on line directories and voice services was recognised when agreements for the service were made with the customer.  Revenue for these services is now deferred over the life of the service agreements, which is on average one year.  Refer to note 3 for details on items recognised in our statement of financial performance as specific.  As a result of the change in revenue recognition accounting policy, our net profit for fiscal 2001 decreased as follows:Telstra Group Year  ended 30 June2001$mSales revenueCumulative impact of deferring revenue as at 30 June 2000	777Deferral of additional revenues under new policy for year ended 30 June 2001	410Part release of cumulative impact for the year ended 30 June 2001	(408)Total sales revenue - specific impact	779Direct cost of salesCumulative impact of deferring expenses as at 30 June 2000	(573)Deferral of additional expenses under new policy for year ended 30 June 2001	(191)Part release of cumulative impact for the year ended 30 June 2001	204Total direct cost of sales - specific  impact	(560)Reduction in profit before income tax expense	(219)Income tax benefit at 34%	74Reduction in net profit after tax for the year ended 30 June 2001	(145)
1.3  Recently issued accounting standards to be applied in Australia in future periods

The following new and revised Australian accounting standards will apply in future financial reports. We have also included discussion on the introduction of the new tax consolidation regime.  The impact of these new standards has not yet been determined.

**AASB 1012: "Foreign currency translation"** is applicable for financial years beginning on or after 1 January 2002.  The purpose of the revised AASB 1012 is to:-  specify methods of accounting for foreign currency transactions, including foreign currency hedging transactions;   specify methods of translating the financial reports of foreign operations which reflect the underlying relationships between the entity and its foreign operations; and require the disclosure of information that will enable users to assess the significance to the entity of movements in exchange rates.
**AASB 1020: "Income taxes"** is applicable for financial years beginning on or after 1 July 2003. The revised standard introduces a fundamental shift in the method of accounting for income taxes. The new method is known as the balance sheet liability method, while the previous method was known as the income statement liability method.
The balance sheet method places emphasis upon the determination of tax assets and liabilities with income tax expense a residual of the process. In implementing the new method the revised standard:-  introduces new terminology;  is formula based; defines tax assets and liabilities as the product of temporary differences that arise between the carrying amount and the tax base of items recognised in the statement of financial position; and
-   increases the level of disclosures about income taxation.    **AASB 1028: "Employee benefits"** is applicable for financial years beginning on or after 1 July 2002.  Previously, the standard contained only general recognition criteria applying to a broad range of employee benefits. The new standard contains, in addition to the general criteria, specific recognition requirements for wages and salaries (including non-monetary benefits), compensated absences, profit sharing and bonus plans, termination benefits and some post-employment benefits.  **AASB 1044: "Provisions, Contingent Liabilities and Contingent Assets"** is applicable for financial years beginning on or after 1 July 2002.  The standard deals with the recognition, measurement and presentation of provisions, contingent assets and contingent liabilities.  In general, the introduction of the standard will result in a tightening of the rules relating to the recognition of provisions, especially restructuring provisions, will only allow recognition of provisions for final dividends if the dividend is declared prior to balance date, and contains extensive disclosure requirements, including the disclosure of movements during the reporting period for each class of provision.  **New Tax Consolidation Regime**
The Government has released for public comment a revised exposure draft of legislation to allow wholly-owned groups to elect to be treated as a single consolidated entity for income tax purposes from 1 July 2002. The revised draft takes into account suggestions made by businesses to the previous draft released in December 2000.  
When the new consolidation regime takes effect:-  a consolidated group will be able to elect to consolidate up until the time the group lodges its first consolidated income tax return at the end of the year;   the head entity of a consolidatable group can choose for itself and all its eligible wholly-owned Australian subsidiaries to be treated as a consolidated group for income tax purposes. However, once the decision to consolidate is made it generally remains in effect until the head company ceases to be a head company; businesses will not have the option of continuing with the existing grouping provisions -  they must consolidate if they want access to any form of single entity treatment; 
-  a consolidated group can be formed by a single, Australian-resident head company and all its eligible wholly-owned Australian subsidiaries. The subsidiaries may be companies, partnerships or trusts; and   a foreign-owned group of Australian resident subsidiaries that does not have a single Australian-resident head company may be able to consolidate by forming a multiple entry consolidated (MEC) group. 
Where a group decides to consolidate and is treated as a single entity for income tax purposes, the taxing of the group as a single tax entity will:-  allow pooling of losses and credits, which will simplify obligations and deliver cost savings for consolidated groups;   eliminate many complex provisions applying to intra-group transactions; and reduce impediments to group restructuring, by allowing assets to be moved between group entities without triggering a capital gain or loss and without the need to meet formal roll-over requirements.
1.4  Principles of consolidation
Our consolidated financial report includes the assets and liabilities of the Telstra Entity and its controlled entities as a whole as at the end of the financial year and the consolidated results and cash flows for the financial year.  The effect of all intergroup transactions and balances are removed in full from our consolidated financial report.
Where we do not control an entity for the whole year, results and cash flows for those entities are only included from the date on which control commences.  Where there is loss of control of an entity, results and cash flows for the entity are included for the part of the reporting period during which control existed.
Our consolidated retained profits include controlled entities' retained profits/accumulated losses from the time they became a controlled entity until control ceases.  Outside equity interests in the results and equity of controlled entities are shown separately in our consolidated statement of financial performance and consolidated statement of financial position.
The financial statements of controlled entities are prepared for the same reporting period as the Telstra Entity, using consistent accounting policies.  Adjustments are made to bring into line any dissimilar accounting policies.
An entity is considered to be a controlled entity where we are able to dominate decision making, directly or indirectly, relating to the financial and operating policies of that entity to enable it to operate with us in achieving our objectives.  Our controlled entities are listed in note 23.
Investments in associated entities and joint ventures are accounted for as set out in note 1.10.
1.5  Foreign currency translation
(a) Transactions

Foreign currency transactions are translated into Australian currency at market exchange rates applicable at the date of the transactions.  Amounts payable or receivable in foreign currencies at balance date are converted into Australian currency at market exchange rates at balance date.  Currency translation gains and losses are included in our net profit or loss for the year.
Where we enter into a hedge for a specific expenditure commitment or for the construction of a qualifying asset, currency translation gains and losses and hedging costs on forward foreign currency contracts are deferred and included with the expenditure commitment or cost of the asset.
Where we enter into a hedge for general expenditure commitments or for the construction of a non-qualifying asset, currency translation gains and losses are recorded in the statement of financial performance in the same period as the currency translation differences on the items covered by the hedge transactions.  Costs on such contracts are amortised over the life of the hedge contract.
Premiums and discounts on forward exchange contracts arising at the time of entering into the hedge are deferred and amortised over the life of the contract and included in borrowing costs.
(b) Translation of financial reports of foreign operations

**Non-Australian entities that operate with us**
Where our non-Australian operations, either directly or indirectly, rely on us financially and operationally, their financial reports are converted to Australian dollars using a method known as the temporal method of accounting.
Under this method:-  monetary statement of financial position items such as cash and receivables are converted into Australian dollars using market exchange rates at balance date;   non monetary statement of financial position items (including equity at the date of investment) are converted at market exchange rates applicable at the date of the transactions (or at the date of revaluation); statements of financial performance are converted into Australian dollars at average exchange rates for the year, unless there are significant identifiable transactions which are converted at the exchange rate that existed on the date of the transaction; and 
-  currency translation gains and losses are recorded in the statement of financial performance.   **Non-Australian entities that operate on their own**
Where our non-Australian operations operate independently of us both financially and operationally, their financial reports are converted to Australian dollars using the current rate method of accounting.
Under this method:-  assets and liabilities are converted into Australian dollars using market exchange rates at balance date;  shareholders' equity at the date of investment is converted into Australian dollars at the exchange rate current at that date.  Movements post-acquisition (other than retained profits/losses) are converted at the exchange rates current at the dates of those movements;statements of financial performance are converted into Australian dollars at average exchange rates for the year, unless there are significant identifiable transactions which are converted at the exchange rate that existed on the date of the transaction; and
-  currency translation gains and losses are recorded in the foreign currency translation reserve.   1.6 Cash and cash equivalents (note 8)
**Cash** includes cash at bank and on hand, bank deposits, bills of exchange and commercial paper with an original maturity date not greater than three months.
**Bank deposits** (including those with an original maturity in excess of three months, which are classified as receivables) are recorded at amounts to be received and interest revenue is recognised on an effective yield to maturity basis.
**Bills of exchange and commercial paper** (including those with an original maturity in excess of three months, which are classified as receivables) are valued at amortised cost with interest revenue recognised on an effective yield to maturity basis.
**Statement of cash flows** discloses cash net of outstanding bank overdrafts.  Bank overdrafts are shown in note 16.
1.7 Receivables (note 9)

Trade debtors are recorded at amounts to be received.  A provision for doubtful debts is raised based on a general and specific review of outstanding amounts at balance date.  Bad debts which have been specifically provided for in previous years are recorded against the provision for doubtful debts (the provision is reduced).  In all other cases, bad debts are written off as an expense directly in the statement of financial performance.
Employee share loans are carried at the amount advanced to each employee, less after tax dividend repayments and loan repayments.  The outstanding principal on these loans is mainly interest free.  The current portion of the loan receivable is calculated using estimated loan repayments expected to be received from tax adjusted dividend payments and estimated loan repayments as a result of staff exiting the employee share plans described in note 19. 
1.8  Inventories (note 10)

Our finished goods include goods available for sale, and material and spare parts to be used in constructing and maintaining the telecommunications network.  We value inventories at the lower of cost and net realisable value.
We allocate cost to the majority of inventory items on hand at balance date using the weighted average cost basis.  For the remaining quantities on hand, actual cost is used.
Current inventories are inventory items held for resale or items to be consumed into the telecommunications network within one year.  Non current inventories are items which will be consumed into the telecommunications network after one year. 
1.9 Construction contracts  (note 10)
 (a) Valuation

We record construction contracts in progress at cost (net of any provision for foreseeable losses) less progress billings where profits are yet to be recognised.
Cost includes:-  both variable and fixed costs directly related to specific contracts;  amounts which can be allocated to contract activity in general and which can be allocated to specific contracts on a reasonable basis; and  costs expected to be incurred under penalty clauses, warranty provisions and other variances. 
Where a significant loss is estimated to be made on completion, a provision for foreseeable losses is brought to account and recorded against the gross amount of construction work in progress.
 (b) Recognition of profit
Profit is recognised on an individual project basis using the percentage of completion method.  The percentage of completion is calculated based on estimated costs of completion (refer to note 1.19(d)).  
Profits are recognised when:-  the stage of contract completion can be reliably determined;  costs to date can be clearly identified; andtotal contract revenues to be received and costs to complete can be reliably estimated.
 (c) Disclosure
The construction work in progress balance is recorded in current inventories after deducting progress billings (refer note 10).  Where progress billings exceed the balance of construction work in progress balance the net amount is shown as a current liability within other creditors.
1.10  Investments (note 11)
(a) Controlled entities
Our investments in controlled entities are valued at cost less any amount provided for permanent reduction in the investment value.
(b) Equity method of accounting
Our investments in joint venture entities and associated entities are accounted for using the equity method of accounting.  Equity accounting adjustments are only recorded in the Telstra Group financial statements, except for partnerships, which are also recorded in the Telstra Entity financial statements.  For the Telstra Entity we record equity accounted investments (other than partnerships) at cost less any amount provided for permanent reduction in the value of the investment.
For equity accounting we adjust the initial recorded amount of the investment for our share of:-  net profits or losses after tax since the date of investment;  reserve movements since the date of investment;unrealised profits or losses and adjustments to asset values;
-  notional goodwill amortisation;   any dividends or distributions received; anddeferred profit brought to account.
Our share of all of these items, apart from dividends or distributions received and reserves, is recorded in the statement of financial performance.
Where the equity accounted amount of our investment in an entity falls below zero, we suspend the equity method of accounting and record the investment at zero.  When this occurs, the equity method of accounting does not start again until our share of profits and reserves exceeds the cumulative prior year share of losses and reserve reductions.
We also assess the recoverable amount of our equity accounted investments.  Where the equity accounted amount of an investment has been reduced to recoverable amount, we only reverse reductions to the extent the new recoverable amount at balance date exceeds the carrying amount at that date.
Where we contribute or sell businesses or assets to a joint venture entity or associate in which we retain an ownership interest, a portion of the profit arising on contribution or sale is deferred.  The amount deferred is determined with reference to our ownership percentage in the joint venture entity or associate.  The deferred amount is released to the statement of financial performance through the equity accounted results over a period consistent with the utilisation of the underlying assets.
(c) Joint venture entities
A joint venture entity is a contractual arrangement (in the form of an entity) whereby two or more parties take on an economic activity which is governed by joint control.  Joint control involves the contractually agreed sharing of control over an entity where two or more parties must consent to all major decisions.
(i) Joint venture entities that are partnerships
Our interest in partnerships is measured by applying the equity method of accounting in both the Telstra Group's and Telstra Entity's financial report.  This involves adjusting the cost of the investment by our share of the partnership profit or loss.  Our share of partnership profit or loss is calculated by multiplying the partnership profit or loss by our ownership interest and this amount is recorded in the statement of financial performance.  Any goodwill that exists on acquisition of an interest in a partnership is amortised over the expected period of benefit.  The amortisation is recorded in the share of joint venture profits and losses line in the statement of financial performance.  This period is subject to a maximum of 20 years from the date of acquisition.
(ii) Joint venture entities that are not partnerships
The Telstra Entity uses the cost method of accounting for joint venture entities that are not partnerships and the Telstra Group records the equity accounted entries as described in note 1.10(b).
Any goodwill that exists on acquisition of an interest in a joint venture entity that is not a partnership is amortised over the expected period of benefit.  The amortisation is recorded in the share of joint venture profits and losses line in the statement of financial performance.  This period is subject to a maximum of 20 years from the date of acquisition.
(d) Joint venture operations
A joint venture operation means a contractual arrangement (that is not a joint venture entity) whereby two or more parties undertake an economic activity which is governed by joint control.  This usually involves the shared use of assets.  Joint control involves the contractually agreed sharing of control where two or more parties must consent to all major decisions.  Where the investment is significant, we record assets and liabilities relating to our share in each asset and liability used in the joint venture operation (refer property, plant and equipment accounting policies note 1.12).  We record expenses based on our percentage interest in the joint venture.  We record revenue from the sale or use of our share of the output as described in our revenue policy (refer note 1.19).
(e) Associated entities
Where we hold an interest in the equity of an entity and are able to apply significant influence to the decisions of the entity, that entity is an associated entity.  The Telstra Entity uses the cost method of accounting for associated entities and the Telstra Group records the equity accounted entries as described in note 1.10(b).
Any goodwill that arises on acquisition of an interest in an associated entity is amortised over the expected period of benefit.  The amortisation is included in the share of associates profits and losses line in the statement of financial performance.  This period is subject to a maximum of 20 years from the date of acquisition.
(f) Satellite consortium investment
Until fiscal 2002, our investment in Intelsat Ltd was structured as the INTELSAT satellite consortium.  Our interest in this consortium was recorded as an investment, originally made in US dollars.  INTELSAT's value was based on our share of the net assets at balance date,  converted to Australian currency at the exchange rate applicable at that date.  Any gain or loss was taken to the statement of financial performance.
During fiscal 2002, the INTELSAT satellite consortium was incorporated, and the carrying value of the investment at the time was deemed to be the cost going forward.  This investment is now classified as an other investment and recorded at cost less any amount provided for the permanent reduction in value (refer 1.10(g)).
The main activity of Intelsat Ltd (and the former INTELSAT satellite consortium) is the provision of satellite capacity to equity members and external customers.
(g) Listed securities and investments in other corporations
Listed securities and investments in other corporations are valued at cost less any amount provided for permanent reduction in their value. 
For our disclosure, net fair values of investments are calculated on the following bases:-  for listed securities traded in an organised financial market we use the current quoted market bid price at balance date; and  for investments in unlisted securities not traded in an organised financial market, we record these at cost.  Where the investment cost is greater than its recoverable amount the investment value is reduced to recoverable amount.  Fair value is determined by reference to the net assets of the unlisted security.
1.11  Recoverable amount of non current assets

Non current assets measured using the cost basis are not carried at an amount above their recoverable amount, and where carrying value exceeds this recoverable amount, assets are written down.
The recoverable amount of an asset is the net amount expected to be recovered through the cash inflows and outflows arising from its continued use and subsequent disposal.  Where the carrying amount of a non current asset is greater than its recoverable amount, the asset is written down to its recoverable amount.  Where net cash inflows are derived from a group of assets working together, recoverable amount is determined on the basis of the relevant group of assets.  Any decrement in the carrying value is recognised as an expense in the statement of financial performance in the reporting period in which the recoverable amount write down occurs.
The expected net cash inflows included in determining recoverable amounts of non current assets are discounted to their present values using a market determined, risk adjusted, discount rate.
1.12  Property, plant and equipment (note 12)
(a) Acquisition
Items of property, plant and equipment are recorded at cost and depreciated as described in note 1.12(c).  The cost of our constructed property, plant and equipment includes:-  the cost of material and direct labour;  an appropriate proportion of direct and indirect overheads; andborrowing costs up to the date the asset is installed ready for use.  
Our weighted average capitalisation interest rate for borrowing costs for fiscal 2002 was 7.2% (2001: 7.9%; 2000: 8.4%).  Interest revenue is not deducted in the calculation of borrowing costs included in the cost of constructed assets when those borrowings are not for a specific asset.
(b) Revaluation
We obtain valuations of all our land and buildings at least once every three years, or more frequently if necessary, to accord with the note disclosure requirements in AASB 1040 "Statement of Financial Position".  From 1 July 2000, we applied AASB 1041 "Revaluation of Non-Current Assets" which has seen us discontinue our policy of revaluing our property, plant and equipment upwards.  Any notional increase in book value as a result of the triennial valuation will therefore be disclosed in a note to the financial statements but not booked.
As part of the application of AASB 1041, we have also elected to:-  apply the cost basis of recording property, plant and equipment in our financial statements; and  deem all our revalued property, plant and equipment carrying amounts as at 30 June 2000 to be their cost going forward.  This means that the asset revaluation reserve of $32 million is fixed as at 1 July 2000 and writedowns of previously revalued assets may no longer be made through the asset revaluation reserve.
We reduce the value of our property, plant and equipment to its recoverable amount where our carrying amount is greater than recoverable amount.  Any writedown of this type is charged to the statement of financial performance.
The profit or loss on disposal of assets written down to recoverable amount is calculated as the difference between the carrying amount of the asset at the time of disposal, and the revenue received on disposal.  This is included in the statement of financial performance in the year of disposal.
The effect of capital gains tax has not been taken into account in calculating the revalued amounts of property, plant and equipment.
(c) Depreciation and amortisation
Items of property, plant and equipment, including buildings and leasehold property, but excluding freehold land, are depreciated or amortised on a straight line basis over their estimated service lives to us.   We start depreciating or amortising assets when they are installed and ready for use.
The service lives of our significant items of property, plant and equipment are listed as follows:Telstra GroupAs at 30 June20022001Property, plant and equipmentService life(years)Service life(years)Buildings - general purpose	5555 - fitout	10 - 2010 - 21Communication assetsBuildings - network	5555 - fitout	10 - 2015 - 25Customer premises equipment	3 - 83 - 8Transmission equipment	5 - 167 - 16Switching equipment	3 - 103 - 10Cables	8 - 259 - 25Ducts and pipes - main cables	4040- distribution	3030Other communications plant	4 - 184 - 18Other assetsLeasehold plant and equipment	7 - 159Other plant, equipment and motor vehicles	3 - 153 - 12
We apply a unit method of accounting to assets where it is practical and feasible and in line with commercial practice.
A group method of accounting is adopted for certain communication assets.  Group assets are automatically removed from our financial statements on reaching the group life.  Therefore, any individual asset may be physically retired before or after the group life is attained.
The service lives and residual values (where applicable) of all assets are reviewed each year.
Our major repairs and maintenance expenses relate to maintaining our exchange equipment and the customer access network (CAN).  We charge the cost of repairs and maintenance, including the cost of replacing minor items, which are not substantial improvements, to operating expenses. 
1.13  Leased plant and equipment (note 12)

We account for leases in accordance with Accounting Standard AASB 1008 "Leases".  We distinguish between finance leases, which effectively transfer substantially all the risks and benefits incidental to ownership of the leased asset from the lessor to the lessee, from operating leases under which the lessor effectively retains all such risks and benefits.
Where we acquire non current assets by using a finance lease, the present value of future minimum lease payments are disclosed as equipment under finance lease at the beginning of the lease term. Capitalised lease payments are amortised on a straight line basis over the shorter of the lease term or the expected useful life of the assets.  A corresponding liability is also established and each lease payment is allocated between the liability and finance charges.
Operating lease payments are charged to the statement of financial performance in the periods in which they are incurred.  Operating lease rental expense is disclosed in note 3.
Where we lease properties, costs of improvements to these properties are capitalised and are disclosed as leasehold improvements and amortised over the shorter of the useful life of the improvements or the term of the lease.
1.14  Intangible assets (note 13)
Intangible assets are assets that have value but do not have physical characteristics.
(a) Goodwill

When we pay an amount greater than the fair value of the identifiable net assets of an entity, this excess is recorded as goodwill.  We calculate the amount of goodwill at the date of purchasing our ownership interest in the entity.
For the purchase of a controlled entity, the amount of goodwill is recorded in intangible assets.  Goodwill is amortised on a straight line basis over the period of expected benefit.  This period is subject to a maximum of 20 years from the date of gaining control.  The carrying amount of goodwill is reviewed annually and adjusted to the extent that future benefits are not considered probable.  The weighted average goodwill amortisation period for fiscal 2002 was 19 years (2001: 19 years).
We continually assess whether changes have occurred that would require revision of the remaining estimated useful life of goodwill, or whether changes will render the goodwill not recoverable.  If such circumstances arise, the recoverable amount of goodwill is determined based on estimates on the discounted value of expected future cash flows of the business.   Market interest rates and discount rates are considered when calculating discounted cashflows.
We also calculate goodwill when we acquire joint venture entities and associated entities.  However, for these entities the goodwill amount is included as part of the cost of the investment and not shown separately as intangible assets.  The amortisation of this goodwill is shown as part of the share of net profit/(loss) of associates and joint venture entities line in the statement of financial performance.  Refer to note 1.10 for information regarding goodwill for associates and joint venture entities.
(b) Identifiable intangible assets

Identifiable intangible assets include patents, trademarks and licences (including network and business software and spectrum licences), brandnames and customer bases.  Where the costs spent on such assets have a benefit or relationship to more than one accounting period, these costs are deferred and amortised on a straight line basis over the period of expected benefit, which averages 13 years for fiscal 2002 (2001: 12 years).  The recoverable amounts of identifiable intangible assets are reviewed annually and the carrying amount is adjusted down where considered necessary.
1.15  Other assets (note 14)
(a) Research and development costs
Research and development costs are recorded as an expense as incurred unless future economic benefits are attainable from the expenditure, in which case they are capitalised.
(b) Deferred mobile handset subsidies
Where mobile handsets are sold as part of service contracts lasting two years or greater, the cost of any associated subsidy is deferred and written off over the term of the contract.  The provision of any subsidy is considered a cost of entering into the contract with the customer, and the expense is recognised over the life of the contract, consistent with the timing of revenue earned.
(c) Deferred expenditure
Deferred expenditure mainly includes upfront payments for basic access installation and connection fees for in place and new services, and loan flotation costs. 
Significant items of expenditure:-  are deferred to the extent that they are recoverable from future revenue and will contribute to our future earning capacity; and  cannot be deferred if they only relate to revenue which has already been recorded.
We amortise deferred expenditure over the average period in which the related benefits are expected to be realised.  This period is a weighted average of 5 years for fiscal 2002 (2001: 5 years).  Each year we also review expenditure deferred in previous periods to determine the amount (if any) that is no longer recoverable.  The amount of deferred expenditure that is no longer recoverable is written off as an expense in the statement of financial performance.
(d) Software assets developed for internal use
We record direct costs associated with the development of network and business software for internal use as software assets.  These amounts are recorded as software assets where project success is regarded as probable.
Costs included in software assets developed for internal use are:-  external direct costs of materials and services consumed;  payroll and direct payroll-related costs for employees (including contractors) directly associated with the project; andborrowing costs incurred while developing the software. 
Software assets developed for internal use are amortised on a straight line basis over their useful lives to us, generally 5 years (2001: 5 years).  Amortisation starts once the software is ready for use.
1.16  Payables (note 15)
Accounts payable, including accruals, are recorded when we are required to make future payments as a result of a purchase of assets or services.
1.17  Interest-bearing liabilities (note 16)
Bills of exchange and commercial paper are recorded as borrowings when issued at the amount of the net proceeds received.  They are carried at amortised cost until the liabilities are fully settled.  Interest is recorded as an expense on a yield to maturity basis.
Bank loans are carried at cost.
Telstra bonds are carried at cost or adjusted cost.  Adjusted cost is the face value of debt adjusted for any unamortised premium or discount.  Interest is calculated on a yield to maturity basis.  Bonds repurchased are cancelled against the original liability and any gains or losses are recorded in the statement of financial performance as borrowing costs.
Other loans are carried at cost or adjusted cost.  Discounts and premiums are amortised on a straight line basis over the period to maturity.  Interest is calculated on a yield to maturity basis.  Amounts denominated in foreign currency are revalued daily.  Any exchange gains or losses are taken to the statement of financial performance.
Other loans include Australian dollar loans and foreign currency loans.  They also include the net (receivable)/payable on currency swaps entered into to hedge these borrowings.  A description of the objectives and significant terms and conditions relating to cross currency swaps used to hedge the foreign currency loans is detailed in note 29.
1.18  Provisions (note 17)
Provisions are recognised when the group has a legal, equitable or constructive obligation to make a future sacrifice of economic benefits as a result of past transactions or events and a reliable estimate can be made of the amount of the obligation.
(a) Employee entitlements
We accrue liabilities for employee entitlements to wages and salaries, annual leave and other current employee entitlements at actual amounts to be paid.  These are calculated on the basis of current wage and salary rates and include related on costs.
Telstra Entity employees who have been employed by the Telstra Entity for at least ten years are entitled to long service leave of three months (or more depending on the actual length of employment), which is included in other employee entitlements.
We accrue liabilities for other employee entitlements not expected to be paid or settled within twelve months of balance date at the present values of future amounts expected to be paid.  This is based on projected increases in wage and salary rates over an average of ten years.  For fiscal 2002, this rate was 4.0% (2001: 4.0%).  We calculate present values using appropriate rates based on government guaranteed securities with similar due dates to our liabilities.   The weighted average discount rate (before tax) used for fiscal 2002 was 6.0% (2001: 6.0%).
(b) Workers' compensation
The Telstra Entity and certain controlled entities self insure their workers' compensation liabilities.  We take up a provision for the present value of these estimated liabilities, based on an actuarial review of the liability.  This review includes assessing actual accidents and estimating claims incurred but not reported.  Present values are calculated using appropriate rates based on government guaranteed securities with similar due dates (refer note 1.18(a)).  The majority of our controlled entities do not self insure, but pay annual premiums to third party insurance companies for their workers' compensation liabilities.
1.19  Revenue (note 2)
Sales revenue
Our categories of sales revenue listed in note 2 are recorded after deducting sales returns, trade allowances, duties and taxes.  Refer to note 1.2 for details of changes in our revenue recognition policies in fiscal 2001.
(a) Delivery of services
Revenue from the provision of our telecommunications services includes:-  access to retail and wholesale fixed and mobile networks;  telephone calls; andother services and facilities provided such as internet and data.
We record revenue earned from:-  providing access to the network over the period of access provided;  telephone calls on completion of the call; andother services generally at completion, or over the period of service provided.
Installation and connection fee revenues are deferred and recognised over the average estimated customer contract life.  For basic access installation and connections this is an average of five years.  For mobile phone connections, this is an average of two years. Incremental costs directly related to these revenues are also deferred and amortised over the customer contract life.  Any costs in excess of the revenue deferred are recognised immediately.
(b) Sale of goods
Our revenue from the sale of goods includes revenue from the sale of customer equipment and similar goods.  This revenue is recorded on delivery of the goods sold.
(c) Rent of network facilities
We earn rent mainly from the rent of dedicated lines, customer equipment, property, plant and equipment and other facilities.  The revenue is recorded on an accrual basis over the rental period.
(d) Construction contracts
We record construction revenue on a percentage of contract completion basis. The percentage of completion of contracts is calculated based on estimated costs to complete the contract (refer note 1.9 for further information).
(e) Directory services
All of our Yellow Pages® directory advertising revenue is recognised on publication of the directories.  We consider our directories published when they have been delivered to greater than 60% of the market.  Revenue from online directories and voice services is deferred over the life of service agreements, which is on average one year.
Other revenue
(f) Dividend revenue
We record dividend revenue in the statement of financial performance from the following entities when declared by them:-  controlled entities;  joint venture entities and associated entities (when received by the Telstra Entity); andlisted investments and other investments.
We record distributions from trusts when the distribution is receivable.
For our consolidated financial statements, dividends and distributions received from joint venture entities and associated entities are recorded as a reduction of the balance in the investment account and not as dividend revenue of the Telstra Group.
(g) Revenue from the sale of non current assets
Revenue from the sale of our non current assets is recorded when all conditions required to complete the sale have been settled and finalised.
(h) Interest revenue
We record interest revenue on an accruals basis.  For financial assets, interest revenue is determined by the effective yield on the instrument (total return).  
(i) Share of net profits/(losses) of associates and joint venture entities
We record our share of the net profits/(losses) of associates and joint venture entities by taking up the profit/(loss) after tax multiplied by our ownership interest after adjusting for:-  amortisation of goodwill;   deferral and subsequent reversal of unrealised profits after tax arising from transactions and the sale of assets from us to our associates; anddeferral and subsequent reversal of unrealised profits after tax arising from trading and the sale of assets from our associates to us.
Where:-  we trade with our associates or joint venture entities or they trade with us; and  either party records the amount traded as an asset in the statement of financial position; thenthe net profit amount that is recorded in the statement of financial performance is removed to the extent of our ownership percentage in the associate or joint venture entity.
Revenue received in advance
Revenue received in advance consists mainly of revenue from providing access to the fixed and mobile network and directories advertising revenue.  This revenue is initially recorded as a liability and then transferred to earned revenue in line with the revenue policies described above.
Accrued revenueAccrued revenue represents revenue earned that has not been billed to the customer.  This revenue is recorded in accordance with the revenue policies described above.
1.20  Taxation (note 4)
Income Tax
We apply tax-effect accounting using the liability method to calculate income tax.  Income tax is calculated on accounting profit after allowing for permanent differences and is recorded as an expense.  
Permanent differences are:-  items of revenue or expense that are included in taxable income but will never be included in accounting profit; or  items of revenue and expense that are included in accounting profit but will never be included in taxable income.
To the extent timing differences occur between the time items are recognised in the financial statements and when items are taken into account in determining taxable income, the net related taxation benefit or liability, calculated at current rates, is disclosed as a future income tax benefit or a provision for deferred income tax.
The future income tax benefit relating to tax losses is not carried forward as an asset unless the benefit is virtually certain of being realised.
Goods and Services Tax (GST)
We record our revenue, expenses and assets net of any applicable goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).  In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item.
Receivables and payables balances include GST where we have either included GST in our price charged to customers or a supplier has included GST in their price charged to us.  The net amount of GST due, but not paid, to the ATO is included under payables.
We do not include any estimate for GST in either accrued revenue or accrued expense balances.  Our accruals refer to a combination of items some of which will be supported by the issue or receipt of a tax invoice at a later time depending on the nature of the item.  In general, no tax invoice has been received or issued at the time the accrual is recorded.
To accord with Urgent Issues Group Abstract 31 - Accounting for Goods and Services Tax (GST), which requires cash flows on a gross basis, we have completed our cash flow statement in the following manner:-  we have derived from our accounting records the amounts which we have shown in our statement of financial performance and statement of financial position, which are on a net GST basis where the GST is recoverable from the ATO; and  		we have estimated the amount of GST that is required to be added to various line items in the cash flow statement by reference to our business activity statements prepared for the ATO.Our commitments  are recorded net of GST, except where there is non-recoverable GST (refer note 20).
1.21  Earnings per share (note 6)
**Basic earnings per share
Basic earnings per share (EPS) is determined by dividing net profit after income tax attributable to members of the company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the year.
**Diluted earnings per share**
Where an entity has on issue potential ordinary shares which are dilutive, diluted EPS must be calculated.  As we do not have any ordinary shares which are considered dilutive, diluted EPS is the same as basic EPS.
1.22  Superannuation (note 22)
**Defined benefit funds**
For funding purposes actuarial valuations are required to be performed at least every three years.  In prior years, if there has been a shortfall in the net market value of scheme assets when compared to members' vested entitlements, we have provided for the amount to the extent that a present obligation exists to rectify the financial position of the schemes.
**Accumulation schemes**
Our commitment to accumulation type benefits is limited to making the contributions specified in the trust deed.  
**All superannuation schemes**
Contributions to employee superannuation schemes are recorded as an expense in the statement of financial performance as the contributions become payable.
1.23  Employee share plans (note 19)
We own 100% of the equity of Telstra ESOP Trustee Pty Ltd, the corporate trustee for the Telstra Employee Share Ownership Plan Trust (TESOP 97) and Telstra Employee Share Ownership Plan Trust II (TESOP 99).  We do not control or significantly influence these trusts as beneficial ownership and control remains with the employees who participate in the share plans administered by the trustee on their behalf.  As a result, we do not consolidate the operations of the trust into the Telstra Group. 
Telstra incurs expenses on behalf of both the TESOP 97 and the TESOP 99.  These expenses are in relation to administration costs of the trusts and are recorded in the statement of financial performance as incurred.
Telstra is precluded from issuing options that gives rise to the issue of new shares by the Telstra Act.  The Telstra Growthshare Trust was established to allocate options, restricted shares, performance rights, directshares and ownshares.  Options and restricted shares are subject to performance hurdles.
We own 100% of the equity of Telstra Growthshare Pty Ltd, the corporate trustee for the Telstra Growthshare Trust (Growthshare).  We do not control or significantly influence the trust as beneficial ownership and control remains with the employees who participate in the share plans administered by the trustee on their behalf.
An option, restricted share or performance right represents a right to acquire a share in Telstra.  Telstra provides loans to the trustee to enable it to purchase shares on market to underpin options issued.  When exercised, the executive pays for the shares at the exercise price and the loan is repaid to us.  On the basis that the loan is fully repaid by the executive, there is no expense associated with the allocation of options.  Telstra receives interest on the loans to the trust.
Restricted shares are recorded as an expense to Telstra when we provide funding to the trust to purchase the shares.  The expense recorded in the statement of financial performance represents the market price of the shares at the time of purchase on market.
Directshare enables non-executive directors to receive up to 20% of their fees in Telstra shares.  Ownshare enables eligible employees to be provided part of their remuneration in Telstra shares.  Telstra purchases shares to meet the requirements of directshare and ownshare and expenses these costs as part of the participant's remuneration. 
We have also provided funding to the trustee to enable it to meet its other obligations under the trust deed. 
1.24  Derivative financial instruments (note 29)
Gains and losses on derivatives are accounted for on the same basis as the underlying physical transactions.  Therefore, hedge gains and losses are recorded in the statement of financial performance when the gains or losses arising from the related physical exposures are recorded in the statement of financial performance.
The foreign exchange gains and losses on the principal value of the cross currency swaps are recorded in the statement of financial performance using the spot rate which offsets the foreign exchange gains and losses recorded on the underlying hedged transaction.
We account for our interest rate swaps and cross currency swaps that hedge an underlying physical exposure using the accrual method of accounting.  
Interest receivable and payable under the terms of the interest rate swaps and cross currency swaps are accrued over the period to which the payments or receipts relate.  The interest receivable and payable under the swaps is recorded as part of our borrowing costs.  Changes to the underlying market value of the remaining interest rate swap and cross currency swap payments and receipts are not recorded in the financial statements.
Gains and losses on futures contracts are deferred and amortised over the life of the underlying hedged asset or liability.
Forward foreign exchange contracts are accounted for as outlined in note 1.5(a).  Gains and losses on forward foreign exchange contracts intended to hedge anticipated future transactions are deferred and recognised when the anticipated future transaction occurs.
Net fair values of interest rate swaps, cross currency swaps and forward exchange contracts are calculated at prices based on amounts quoted on Reuters to close out existing contracts (both favourable and unfavourable).  Net fair values of interest rate futures are determined at a price equal to the mid point between the last bid and the last offer price quoted on the Sydney Futures Exchange at 30 June.  
1.25  Insurance
We specifically carry the following types of insurance:-  property;  travel/personal accident;third party liability;
-  directors' and officers' liability;  company reimbursement; andother insurance from time to time.
For risks not covered by insurance, any losses are charged to the statement of financial performance in the year in which the loss is reported.  
The Telstra Entity and certain controlled entities are self insured for workers' compensation.  Further details are provided in note 1.18(b).
1.26  Further clarification of terminology used in our statement of financial performance
Under the requirements of the revised AASB 1018: "Statement of Financial Performance" we must classify all of our expenses (apart from any borrowing costs and shares of net losses of associates and joint venture entities) according to either the nature (type) of the expense or the function (activity to which the expense relates).  We have chosen to classify our expenses using the nature classification as it more accurately reflects the type of operations we undertake.
Our direct cost of sales includes the cost of the purchase of goods held for sale and the purchase cost of mobile handsets from third party suppliers.  This cost does not include any indirect costs and therefore is not identical to the functional expense category of "cost of sales".
Earnings before interest, income tax expense, depreciation and amortisation (EBITDA) reflects our net profit prior to including the effect of interest revenue, borrowing costs, income taxes, depreciation and amortisation.  It is used as a measure of financial performance by excluding certain variables that affect our net profit but may not directly relate to all financial aspects of the operations of the company.  EBITDA is not a measure of operating income, performance or liquidity under AGAAP or USGAAP and may be calculated differently by other companies.
Earnings before interest and income tax expense (EBIT) is a similar measure to EBITDA but takes into account the effect of depreciation and amortisation.
When a specific revenue or an expense from ordinary activities is of such a size, nature or incidence that its disclosure is relevant in explaining our financial performance  for the reporting period, its nature and amount have been disclosed separately in note 3.  For comparative purposes, amounts classified as unusual in fiscal 2001 have been restated as specific in accordance with the format of the current year financial statements.
1.27  Rounding
All dollar amounts in this financial report (except where indicated) have been rounded to the nearest million dollars ($m or A$m) for presentation.  This has been done in accordance with Australian Securities and Investments Commission (ASIC) Class Order 98/100, dated 10 July 1998 and issued under section 341(1) of the Corporations Act 2001.
1.28  Comparative figures
Where necessary, we adjust comparative figures to align with changes in presentation in the current year.  The presentation of our statement of financial performance has changed due to the first time application of the revised AASB 1018: "Statement of Financial Performance".
The Australian Accounting Standards Board  amended AASB 1018 with certain changes proposed in Exposure Draft 105 "Amendments to AASB 1018/AAS1". The amended AASB 1018 is applicable to years ending on or after 30 June 2002 and was adopted in the preparation of this financial report.
The main amendments to AASB 1018 were to:-   improve and clarify the requirements relating to the face of the statement of financial performance; and  clarify the required disclosures of expenses.
The revised standard clarified our ability to include the subtotals of earnings before interest and income tax expense (EBIT) and earnings before interest, income tax expense, depreciation and amortisation (EBITDA) in our statement of financial performance and also resulted in changes to the presentation of certain revenue and expense items from the previous year (refer note 1.26).Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June20022001200020022001		Note$m$m$m$m$m2.  RevenueOur revenue from ordinary operating activities (including specificitems) is made up of revenue from the following activities:Sales revenue (i)Delivery of services (1.19(a))	3(c)14,23913,72114,08412,78013,064Sale of goods (1.19(b))	441417371262245Rent of network facilities (1.19(c))	4,1113,4202,8044,1263,438Construction contracts (1.19(d))	3(c)278212997274213Directory services (1.19(e))	1,1279091,08777574120,19618,67919,34318,21717,701Other revenue (excluding interest revenue)Dividend revenue (1.19(f))- controlled entities	27----23- other entities	1161211611612139Revenue from the sale of non current assets (1.19(g))- property, plant and equipment	246288243241287- investments in controlled entities	3(c)-120248-4- investments in joint venture entities	-5---- investments in associated entities	--25--- investments in listed securities and other corporations	3(c)226031775-- patents, trademarks and licences	114--14- businesses	3(c)332,273149292,6823023,3038422752,987Other sources of revenueRent from property and motor vehicles (1.19(c))	4439614439Writeback of Telstra Superannuation Scheme additionalcontribution liability	3(c)-725--725Other revenue	2592212471671533039853082119176064,3041,1624873,943Revenue from ordinary activities (excluding interest revenue)	20,80222,98320,50518,70421,644Interest revenue (1.19(h))- controlled entities	27---6797- joint ventures and associated entities	2722222- other entities	124101601149512610362183194Total revenue from ordinary activities20,92823,08620,56718,88721,838
(i) During an update of our internal reporting systems, we have reviewed the classification of our revenue categories, resulting in some reallocation between categories.  As a result of the reallocation in the current year, we have changed the comparative data presented to ensure consistency of presentation.  This reallocation has not effected total revenue recorded.
Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June20022001200020022001		Note$m$m$m$m$m3.  Profit from ordinary activities(a) Our profit before income tax expense (including specificitems) has been calculated after charging/(crediting) thefollowing items:LabourIncluded in our labour expenses are the following:Ownership based remuneration schemes	95395Employee redundancy	289443813040Movement in provisions - increase/(decrease):- workers' compensation	(16)(21)(8)(16)(21)- other employee entitlements	(5)(15)24(5)(15)Direct cost of salesIncluded in our direct cost of sales and relating to sale of goods is:Cost of goods sold	620555475304325Other expensesNet book value of assets we have sold:- property, plant and equipment	250281217246277- investments in controlled entities	3(c)(3)116151-21- investments in joint venture entities	-3---- investments in listed securities and other corporations	3(c)27337444-- patents, trademarks and licences	-6--3- businesses	3(c)331,42191295523072,164503279853Rental expense on operating leases	597496403440403Bad debts written off - trade debtors	185159191186142Movement in provisions - increase/(decrease):- doubtful debts - trade debtors	28(9)--(11)- reduction in value of inventories (finished goods)	1(21)(6)2(21)- reduction in value of investments	3(c)261,065394452,176- reduction in value of convertible note issued by PCCW	96--96-- reduction in value of amounts owed by controlled entities	---830-- reduction in value of capitalised software	-31--31- other provisions	--(19)--Net foreign currency conversion losses/(gains) (1.5)	17(25)(8)6(18)Auditors' fees	3(b)54443Service contracts and other agreements	1,3541,3341,2851,3731,302Marketing	284308333218257General and administration	776827856581689Other operating expenses	3563784405957354,0326,7114,0215,0556,541
Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June20022001200020022001$m$m$m$m$m3.  Profit from ordinary activities (continued)(a) Our profit before income tax expense (including specificitems) has been calculated after charging/(crediting) thefollowing items: (continued)Depreciation and amortisationDepreciation of:- general purpose buildings	124541434241- communication assets	122,4522,2052,0812,2092,079- other plant, equipment and motor vehicles	12115156233851402,6122,4022,3572,3362,260Amortisation of:- equipment under finance lease	122812-5- leasehold improvements	123915153714- goodwill	8743201-- patents, trademarks and licences	4055422643- brandnames	125---- customer bases	8634---- deferred expenditure	112714- software assets	3882971933812926554692894463583,2672,8712,6462,7822,618Borrowing costs- controlled entities	27---5866- other entities	1,009875754970857- finance charges relating to finance leases	221--1,0118777551,028923- borrowing costs included in the cost of constructed assets	(115)(108)(125)(115)(108)896769630913815Other disclosuresResearch and development expenses (before crediting any grants) (1.15(a))	2829292728Net (profit)/loss we have made on the sale of:- property, plant and equipment	4(7)(26)4(10)- investments in controlled entities	3(c)(3)(4)(97)-17- investments in joint venture entities	-(2)---- investments in associated entities	--(25)--- investments in listed securities and other corporations	3(c)5(266)(133)(1)-- patents, trademarks and licences	(1)(8)--(11)- businesses	3(c)-(852)(58)-(2,130)5(1,139)(339)3(2,134)
Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June20022001200020022001$m$m$m$m$m3.  Profit from ordinary activities (continued)(b) Auditors' feesThe Australian statutory auditor of the Telstra Entity has chargedthe following amounts for:Auditing and reviewing the financial reports (a)	3.7533.2573.2083.2073.347Other services (a)	-0.1010.268--Auditors other than the Australian statutory auditorhave charged the following amounts for:Auditing and reviewing the financial reports	1.5531.0410.9150.591-Total auditors' fees	5.3064.3994.3913.7983.347In addition to auditing and assurance activities, other services have been provided by EY in their own right as follows:Other services (a) (b)	5.7144.82012.936
(a) Our Australian statutory auditor is the Australian National Audit Office (ANAO).  The audit and other services provided by the ANAO have been subcontracted to Ernst & Young (EY) from fiscal 2000.
We have processes in place to maintain the independence of the external auditor, including the level of expenditure on other services.  Fees earned by EY for non assurance work are capped at a maximum of 1.5 times the base audit and assurance fees.  In addition to the establishment of this cap, there is a requirement for the Director of Finance to approve all proposals involving the provision of services by EY.  As part of the approval process, an assessment is made by the Director of Finance on the appropriateness of the services from an independence stand point.  Monthly meetings are held with EY to monitor the process.  
EY also has specific internal processes in place to ensure auditor independence.
(b) Of the fiscal 2000 amount, $1.724 million related to contracts awarded prior to the EY appointment as ANAO sub-contractor.
Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June20022001200020022001$m$m$m$m$m3.  Profit from ordinary activities (continued)(c) Specific itemsThe following items form part of the ordinary operations of ourbusiness but are considered specific due to their nature andamount.Our net profit has been calculated after charging/(crediting)specific revenue and expense items from our ordinaryactivities as follows:Specific revenue items:Sales revenue- revenue recognition accounting policy change (i)	-779--589- revenue from JORN contract (v)	--(734)--779(734)-589Other revenue (excluding interest revenue)- sale of global wholesale business and controlled entities to Reach Ltd (ii)	-(2,372)--(2,256)- writeback of Telstra Superannuation Schemeadditional contribution liability (iii)	-(725)--(725)- sale of our investment in Computershare Limited (iv)	-(546)----(3,643)--(2,981)Total specific revenue items	-(2,864)(734)-(2,392)Specific expense items:Labour- redundancy and restructuring provision (vi)	--572----572--Direct cost of sales- revenue recognition accounting policy change (i)	-(560)--(560)- expenses in performing obligations under JORN contract (v)	--734---(560)734-(560)Other expenses- book value of our global wholesale business and controlled entities sold to Reach Ltd (ii)	-668--552- deferral of unrealised profit arising on sale of businesses andcontrolled entities to Reach Ltd (ii)	-852---- book value on sale of our investment in Computershare Limited (iv)	-301---- writeoff of RWC acquisition costs (ii)	-999--999- provision raised for amounts owed by controlled entities	27---855--2,820-8551,551Total specific expense items	-2,2601,306855991Net specific items	-(604)572855(1,401)Income tax expense/(benefit)	-209(206)-237Net specific items after income tax expense	-(395)366855(1,164)
(c) Specific items (continued)
Refer to note 27 for information regarding the specific item in the Telstra Entity that was recognised during fiscal 2002.  There were no other specific items recorded for the year ending 30 June 2002.
During fiscal 2001, we recognised the following transactions as specific:
(i) Revenue recognition
Refer to note 1.2 for specific item resulting from change in accounting policy.
(ii) Asian Ventures
As detailed in the accompanying notes to our statement of cash flows, on 7 February 2001 we completed our strategic alliance with PCCW.  Under these arrangements, the following specific items have been recognised in the statement of financial performance:
Reach Ltd
Year ended 30 June2001$mOther revenueSale of global wholesale business and controlled entities to Reach Ltd	(2,372)Other expensesBook value of businesses and controlled entities sold to Reach Ltd and associated costs	668(1,704)Deferral of unrealised profit before tax	852(852)
The other revenue and other expense items represent the fair value of the total consideration received and book value respectively, relating to the divisions and controlled entities that we have sold to Reach Ltd.  The book value also includes any costs associated with undertaking this transaction.
The deferral of unrealised profit arises to the extent that we retain an ownership interest in Reach Ltd.  The amount deferred is brought to account in the statement of financial performance (through the share of net losses of associates and joint venture entities) on a straight line basis over a period of 20 years.  The deferral of unrealised profit is combined with the net book value of businesses we have sold for the other expenses disclosure in note 3(a).
RWC
The $999 million write off of RWC acquisition costs has resulted from our acquisition of 60% of Joint Venture (Bermuda) No. 2 Limited.  This item was recognised as at the date of acquisition and forms part of the reduction in value of investments in note 3(a).
Net effect of entering our Asian Ventures
The net once-off specific item recognised as a result of our Asian ventures is a $147 million loss before tax.
(iii) On 29 August 2000 the trustee of the Telstra Superannuation Scheme (Telstra Super or TSS) and the Commonwealth (who guaranteed our payments) released us from our obligation to contribute $121 million per annum to Telstra Super to 30 June 2011.  As part of the terms of the release, we agreed to provide such future employer contributions to Telstra Super as may be required to maintain the vested benefits index (VBI - the ratio of fund assets to members vested benefits) in the range of 100-110%. The removal of our obligation reduced the assets of Telstra Super and resulted in the VBI of the defined benefit divisions reducing from approximately 167% at 30 June 2000 to approximately 147% as at 30 June 2001.The Trustee agreed to the release of the obligation based on actuarial advice that the removal of these additional contributions, coupled with the employer contribution commitment from us, will maintain the solvency level of Telstra Super at a satisfactory level.  We anticipate that the surplus in Telstra Super will continue and no employer contributions will be required in fiscal 2003 assuming the continued sound performance of Telstra Super.  The net present value of our commitment to Telstra Super was shown as a liability on our statement of financial position as at 30 June 2000.  This liability was written back to the statement of financial performance in the year ended 30 June 2001 and increased our result as follows:
Year  ended 30 June2001$mWriteback of the Telstra Super additional contribution liability			(725)Tax effect at 34%		247(478)
 Our interest expense associated with Telstra Super liability in the current period was $nil (2001:$nil; 2000: $89 million).  Interest expense arose from the difference between the actual amount of payments we were required to make and the recorded amount of these discounted commitments.  No interest expense has been incurred since the release of our obligations to Telstra Super.
(iv) During fiscal 2001, we sold our investment in Computershare Limited (Computershare) in two tranches.  On 13 July 2000, our controlled entity, Telstra CB.com Limited, sold 53.3 million ordinary shares in Computershare at $7.25 per share, representing 10% of the issued capital.  Revenue received from this sale was approximately $386 million.
On 26 June 2001, Telstra CB.com.Limited sold the remaining balance of 26.6 million shares at $6 per share resulting in revenue of $160 million.
The profit on the sale of this investment was $245 million before tax, as shown in the following table:
******Year  ended 30 June2001$mRevenue from sale of Computershare 	(546)Book value of investment in Computershare sold	301(245)Tax effect at 34%	83(162)
In fiscal 2000, we recorded the following abnormal items.  Due to a change in Australian accounting standards applicable from fiscal 2001, abnormal items are no longer relevant.  Any item previously classified in the prior year as an abnormal has been restated in accordance with the format of the current year financial statements.
(v) On 13 June 1991, we entered into a contract with the Commonwealth to design, construct, install and maintain the Jindalee Operational Radar Network (JORN).  Over the period of the contract we recorded provisions for losses of $585 million (with $394 million disclosed as an abnormal item in the 1997 financial report).
On 14 February 1997, we entered into arrangements with Lockheed Martin Corporation and Tenix Defence Pty Ltd to manage the JORN project.
As Lockheed Martin and Tenix Defence Pty Ltd assumed full responsibility for the JORN project, we recorded both the revenue (progress billings) and the expenses (net of provision of $585 million) associated with this project.  For comparative purposes they were recognised as a specific item in the statement of financial performance.  There was no amount charged for income tax expense.
(vi) The redundancy and restructuring specific item of $572 million before tax in fiscal 2000 consisted of two components:-  $86 million relating to amounts paid to 1,374 staff made redundant from 1 March 2000 to 30 June 2000; and  A provision of $486 million raised in the financial statements relating to 8,272 staff to be made redundant over the two years to 30 June 2002.  The two year redundancy plan was approved prior to 30 June 2000 and the amount raised represented the estimated redundancy and associated costs to be paid  as a result of the implementation of this plan.  
The amount credited for income tax expense was $206 million with a net amount after income tax expense of $366 million.
******Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June20022001200020022001$m$m$m$m$m4.  Income tax expenseNotional income tax expense on profit agreesto actual income tax expense recorded as follows:Profit before income tax expense	5,4466,2975,3494,5586,751Australian statutory rate of taxation	30%34%36%30%34%Notional income tax expense on profit calculated at 30% (2001: 34%, 2000: 36%)	1,6342,1411,9261,3672,295Which is adjusted by the tax effect of:Effect of lower rates of tax on overseas income	(13)(23)(18)--Research and development concessions	(6)(12)(8)(4)(9)Share of net losses of associates and joint venture entities	9493--Profit on sale of property, plant and equipment	(8)(355)(14)(8)(790)Non deductible depreciation and amortisation	(4)16112-Reduction in the value of investments and intercompany receivables	436214390740Rebateable dividends (non taxed dividends)	--(16)-(8)Assessable foreign source income not included in accounting profit	2229---Under/(over) provision of tax in prior years	166(30)15(5)Other adjustments	14279(20)7121Income tax expense on profit	1,7962,2921,8481,8332,244Effect of decrease in tax rates on deferred tax balances (i)	-(56)(172)-(64)Income tax expense	1,7962,2361,6761,8332,180Our income tax expense contains the following items:Current taxation provision	1,6081,4751,1691,4661,438Movement in future income tax benefit	(240)(3)255--Movement in deferred income tax liability	412758282352747Under/(over) provision of tax in prior years	166(30)15(5)1,7962,2361,6761,8332,180Future income tax benefits as at 30 June thatwe have not recorded in the statement offinancial position for:Income tax losses (ii)	11611--11611--
(i) During fiscal 2000, the Commonwealth lowered the income tax rates applicable to companies from 36% to 30% in two stages.  From 1 July 2000, the income tax rates were lowered from 36% to 34%.  From 1 July 2001, the income tax rate has been lowered from 34% to 30%.  As a result we have restated our deferred tax balance to the rates applicable when the timing differences are expected to reverse. This has had the effect of lowering our deferred tax balances by $nil  (2001: $56 million; 2000: $172 million) for the group and $nil (2001: $64 million; 2000: $195 million) for the Telstra Entity.
(ii) Our benefit for tax losses may be used in future years if the following criteria are met:-  our controlled entities have sufficient future assessable income to enable the tax losses to be offset against the assessable income or if the tax losses can be transferred to one of our other eligible controlled entities;  our controlled entities continue to satisfy the conditions required by tax legislation to be able to use the tax losses; andthere are no future changes in tax legislation that will adversely affect us in using the benefit of the tax losses.
Our future income tax benefit (recorded on the statement of financial position) contains the following tax losses carried forward:
******Telstra GroupAs at 30 June200220012000$m$m$mFuture income tax benefit balance	132114111Amount of future income tax benefit related to tax losses carried forward	124
******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001$m$m$m$mIncome tax payableCurrentIncome tax payable (iii)	632657572622Non currentIncome tax payable (iii)	-91-91
(iii) Under the Pay-As-You-Go transitional rules, we opted to pay part of the final instalment of income tax for fiscal 2000 over 10 equal quarterly instalments to 21 April 2003.  As a result, in the previous year  we classified $91 million, representing 4 of these instalments as non current.5.  Segment information						
We report our segment information on the basis of business segments as our risks and returns are affected predominantly by differences in the products and services we provide through those segments.
Business segments
Our business structure changed during the fiscal year ended 30 June 2002.  We have restated our comparative information as if the new business segments and segment accounting policies existed in prior years.  The Telstra Group is organised along the following segments:
-  Telstra Retail's primary activities are sales and billing.  This covers residential, business and government customers who receive our services, other than wholesale services (which are provided by Telstra Wholesale),  mobile services (which are provided by Telstra Mobile), and those customers included in Telstra CountryWide.  This  business unit:    -  manages our information, connection and payphone services as well as our print and online directories business;   sells and provides customer services for a comprehensive range of products, services and customer-driven solutions ranging from basic telephony services to complex voice and data networks; andmanages our interests in our North American, Japanese and European retail operations.
-  Telstra CountryWide is responsible for:    -  addressing the telecommunication needs of consumer and business customers that reside and operate outside the mainland state capital cities and in Tasmania and the Northern Territory; and  the specific needs of customers which are not as readily accessible as customers in metropolitan areas.Telstra Mobile is responsible for:
our mobile and wireless networks and associated systems within Australia; and
-  all mobile retail sales and after sales support, customer service, product development and pricing.   Telstra International manages our interests in:-  the Asia-Pacific region, including our operations in Hong Kong, Vietnam, India, China, New Zealand, and Sri Lanka.   Infrastructure Services responsibilities include:-  planning, design, construction and operation of our domestic fixed communication networks and associated systems to deliver technology solutions, our products, services and customer support;  customer service installation and repairs; andcompeting for some of our annual network expenditure against other suppliers, and also performing construction activities for others, including other telecommunications companies.
-  Telstra Wholesale is responsible for:    -  the provision of domestic wholesale products and services to other carriers and carriage service providers.   Corporate Centre is responsible for:  -  finance & administration, legal & regulatory, human resources, and corporate relations; and  financial management of the majority of Telstra Entity fixed assets (including network assets) through the Asset Accounting Group.  Infrastructure Services maintains control over annual capital expenditure on these assets.
Telstra CountryWide and Telstra Retail have been combined as a single reportable business segment for reconciliation and disclosure purposes as they are considered substantially similar.  Corporate Centre is not a reportable segment and has been aggregated in the "Other" segment.
Inter-segment transfers
Segment revenues, segment expenses and segment results include demand driven transfers between business segments.  Generally most internal charges between business segments are made on a direct cost recovery basis.  As the basis for transfers change from year to year depending on the business structure, we restate our comparatives to reflect the current basis.  Certain regulatory, compliance and strategic functions are not charged to the reportable segments.  We account for all international transactions between Australian and non-Australian businesses at market value.  All internal telecommunications usage of our own products is also accounted for at market value.

The Asset Accounting Group does not allocate depreciation expense to other business segments related to the use of assets owned at the Corporate level.
Segment assets and liabilities
Segment assets and segment liabilities form part of the operating activities of a segment and can be allocated directly to that segment.  

The Asset Accounting Group performs a company wide function in relation to the financial management of certain assets.  These assets are accounted for at the Corporate level (aggregated in the "Other" segment) and not allocated across segments.

******Telstra Group	TelstraInfrastruc-TotalTelstraTelstraInterna-tureTelstraElimina-allRetailMobiletionalServicesWholesaleOthertionssegments(a)(b)(c)$m$m$m$m$m$m$m$mYear ended 30 June 2002Sales revenue from external customers	12,5603,5011,4972532,33467(16)20,196Other revenue from external customers	227-342911305-606Total revenue from external customers (excluding interest revenue)12,7873,5011,5312822,345372(16)20,802Less sale of investment/dividend revenue	42-14----56Segment revenue from external customers12,7453,5011,5172822,345372(16)20,746Add inter-segment revenue	4473911,8531,001957(4,298)-Total segment revenue13,1923,5401,5182,1353,3461,329(4,314)20,746Segment result7,3181,542(22)(1,371)2,076(4,267)1,0226,298Less share of joint ventures' net losses/(profits)	43-36----79Less share of associates' net losses/(profits)	(1)-3----2Less net book value of investments sold	40-9--8-57Add sale of investment/dividend revenue	42-14----56Earnings before interest and income tax expense (EBIT)7,2781,542(56)(1,371)2,076(4,275)1,0226,216Earnings has been calculated after charging/(crediting) the following:Depreciation and amortisation	85-421--2,765(4)3,267Non cash expenses excluding depreciation and amortisation	364525--1,360(1,018)448Non current assets acquired (excluding those acquired on investment)3351103522,7405075-3,662As at 30 June 2002Segment assets (d)4,2911,0986,0951,43641425,736(1,473)37,597Segment assets include the following:Investment in joint venture entities	51-1,059----1,110Investment in associated entities	26-61----87Segment liabilities2,7632341,6711,53025219,691(2,650)23,491
(a) Telstra Retail segment revenue from external customers includes $2,406 million relating to Telstra CountryWide.  
(b) Included in the other segment result is a specific charge of $855 million relating to a provision for amounts owed by a controlled entity (refer note 27).
(c) Included in segment result is an elimination for the specific charge of $855 million relating to a provision for amounts owed by a controlled entity (refer note 27).
(d) Segment assets for the other segment includes Telstra Entity fixed assets (including network assets) managed through the Asset Accounting Group.   
******Telstra Group	TelstraInfrastruc-TotalTelstraTelstraInterna-tureTelstraElimina-allRetailMobiletionalServicesWholesaleOthertionssegments(a) (b)(c)(d)(e)$m$m$m$m$m$m$m$mYear ended 30 June 2001Sales revenue from external customers	11,6203,1441,2082822,41067(52)18,679Other revenue from external customers	616132,49551221,108(1)4,304Total revenue from external customers (excluding interest revenue)12,2363,1573,7033332,4321,175(53)22,983Less sale of investment/dividend revenue	551-2,466----3,017Segment revenue from external customers11,6853,1571,2373332,4321,175(53)19,966Add inter-segment revenue	328382812,1248011,020(4,592)-Total segment revenue12,0133,1951,5182,4573,2332,195(4,645)19,966Segment result6,5821,329(773)(1,205)2,119(2,765)7196,006Less share of joint ventures' net losses	36-92----128Less share of associates' net losses	53-2----55Less net book value of investments sold	297-1,5744--21,877Add sale of investment/dividend revenue	551-2,466----3,017Earnings before interest and income tax expense (EBIT)6,7471,32925(1,209)2,119(2,765)7176,963Earnings has been calculated after charging/(crediting) the following:Depreciation and amortisation	84-18819-2,584(4)2,871Non cash expenses excluding depreciation and amortisation	(138)(99)2,559144-873(718)2,621Non current assets acquired (excluding those acquired on investment)3111503,214583,732139-7,604As at 30 June 2001Segment assets4,2901,1604,4371,49947929,565(3,957)37,473Segment assets include the following:Investment in joint venture entities	52-1,140----1,192Investment in associated entities	53-14----67Segment liabilities2,8292275671,64424723,304(5,067)23,751
(a) Specific revenue of $546 million from the sale of Computershare Limited (refer note 3) is included in Telstra Retail revenue.  This increased profit by $245 million.
(b) Telstra Retail segment revenue was reduced by $745 million relating to the specific SAB101 cumulative adjustment (refer note 3).  This specific item decreased the segment result by $205 million.
(c) Telstra Mobile segment revenue was reduced by $34 million relating to the specific SAB101 cumulative adjustment (refer note 3).  This specific item decreased the segment result by $14 million.
(d) Telstra International total revenue includes a specific item of $2,372 million from the sale of our global wholesale business to Reach Ltd.  Profit includes specific expenses relating to the book value of our global wholesale business and controlled entities sold of $1,520 million and the RWC write off of acquisition costs of $999  million (refer note 3).
(e) Specific revenue of $725 million from the writeback of the Telstra Superannuation Scheme (Telstra Super or TSS) additional contribution liability (refer note 3) is included in other segment revenue.  This increased the other segment result by $725 million.
******Telstra Group	TelstraInfrastruc-TotalTelstraTelstraInterna-tureTelstraElimina-allRetailMobiletionalServicesWholesaleOthertionssegments(a) (b)$m$m$m$m$m$m$m$mYear ended 30 June 2000Sales revenue from external customers	12,5223,0031,1131581,779800(32)19,343Other revenue from external customers	2651052644-454(137)1,162Total revenue from external customers (excluding interest revenue)12,7873,0131,6392021,7791,254(169)20,505Less sale of investment/dividend revenue	73-5197-151(139)611Segment revenue from external customers12,7143,0131,1201951,7791,103(30)19,894Add inter-segment revenue	342322872,385843509(4,398)-Total segment revenue13,0563,0451,4072,5802,6221,612(4,428)19,894Segment result7,2581,209329(1,242)1,694(3,704)1065,650Less share of joint ventures' net losses	39-12----51Less share of associates' net losses	--3---47Less net book value of investments sold	20-2596-138(137)286Add sale of investment/dividend revenue	73-5197-151(139)611Earnings before interest and income tax expense (EBIT)7,2721,209574(1,241)1,694(3,691)1005,917Earnings has been calculated after charging/(crediting) the following:Depreciation and amortisation	75-887-2,476-2,646Non cash expenses excluding depreciation and amortisation	47(174)28228-436(255)364Non current assets acquired (excluding those acquired on investment)2361701544,22965449-5,303As at 30 June 2000Segment assets3,8336068771,23637924,540(1,132)30,339Segment assets include the following:Investment in joint venture entities	42-242----284Investment in associated entities	152-14----166Segment liabilities1,9552304391,80917615,425(1,297)18,737
(a) Other segment revenue includes a $734 million specific item relating to the JORN contact (refer note 3).  This specific item has a $nil impact on segment result in fiscal 2000 due to related expenses of $734 million in performing obligations under the JORN contract.
(b) Specific expense of $572 million related to redundancy and restructuring provision (refer note 3) decreased the other segment result in fiscal 2000.
******Telstra GroupYear ended/As at 30 June200220012000		Note$m$m$mTotal segment revenue20,74619,96619,894Add sale of investment/dividend revenue563,017611Total revenue from external customers (excluding interest revenue)20,80222,98320,505Add interest revenue	12610362Total revenue from ordinary activities20,92823,08620,567Earnings before interest and income tax expense (EBIT)6,2166,9635,917Add interest revenue	12610362Less borrowing costs	896769630Profit before income tax expense5,4466,2975,349Less income tax expense	1,7962,2361,676Net profit3,6504,0613,673Information about our products and servicesSales revenue fromBasic access (i)	2,7341,8212,005Local calls	1,9472,1432,646National long distance	1,1681,2671,406Fixed to mobile	1,4191,2871,220International telephone services	409786972Mobile goods and services (i)	3,4753,1212,993Data and internet services	3,1383,1802,841Directory services (i)	1,1699431,122Customer premise equipment	226280336Intercarrier services	1,1211,133828Inbound calling products	348434433Solutions management	352306235Various controlled entities	2,0011,349910Other sales and service	6896291,396		220,19618,67919,343(i) Sales revenue for year ended 30 June 2001 includes a specifc debit accounting adjustment of $779 million for SAB101. This adjustment has been allocated across our sales revenue as follows: $540 million (basic access), $205 million (directory services), and $34 million (mobile goods and services) (refer note 3).	Information about our geographic operationsSales revenue fromCustomers in Australia	18,69917,47118,230Customers in non Australian countries	1,4971,2081,113		220,19618,67919,343Carrying amount of segment assetsCustomers in Australia	31,50233,03629,462Customers in non Australian countries	6,0954,43787737,59737,47330,339Non current assets acquired (excluding those acquired on investment)Located in Australia	3,3104,3905,149Located in non Australian countries	3523,2141543,6627,6045,3036. Earnings per share
******Telstra GroupYear ended 30 June200220012000¢¢¢Basic and diluted earnings per share (cents) (a)28.531.528.6$m$m$mThe following reflects the earnings and share information used indetermining our basic and diluted earnings per share (see note 1.21):Net profit	3,6504,0613,673Adjustments:Outside equity interests in net profit/(loss)	11(3)4Earnings used in the calculation of basic and diluted earnings per share	3,6614,0583,677Number(millions)Weighted average number of issued ordinary shares usedin the calculation of basic and diluted earnings per share (b)	12,86712,86712,867
(a) Change in accounting policy 
The change in accounting policy for the introduction of SAB 101 during fiscal 2001 is described in note 1.2.  This change had the effect of decreasing the earnings per share calculation by 1.1 cents to 31.5 cents in the prior year.
(b) The number of issued and paid up ordinary shares for the last 3 years has been 12,866,600,200.    7. Dividends******Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June20022001200020022001		Note$m$m$m$m$m7.  DividendsOrdinary sharesInterim dividend paid	1,4151,0291,0291,4151,029Final ordinary dividend provided for	171,4151,4161,2871,4151,416Total dividend provided for or paid	2,8302,4452,3162,8302,445Dividends per share (cents)¢¢¢Interim dividend	11.08.08.0Final ordinary dividend	11.011.010.0Total dividend	22.019.018.0
Our dividends provided for or paid are fully franked, in aggregate and per share, to the same amount in the relevant tables above, apart from:
******Telstra Group¢per share$m30 June 2000Interim dividendFranked	3.9506Unfranked	4.1523Total special dividend	8.01,029
We have paid dividends as listed in the table below:
******Telstra GroupYear ended 30 June200220012000$m$m$mDividends paidInterim dividend	1,4151,0291,029Previous year final ordinary dividend paid in the current year	1,4161,2871,287Previous year final special dividend paid in the current year	--2,059Total dividends	2,8312,3164,375
The final dividend for fiscal 2002 is due to be paid on 28 October 2002.
Our dividends have been franked as listed in the table below:
******Telstra GroupYear ended 30 June200220012000%%%C class franking credit percentagesInterim dividend (i)	10010049.17Final ordinary dividend (i)	100 100100
(i) The tax rate at which the fiscal 2002 final ordinary dividend will be franked is 30% (2001: 30%; 2000: 34%).  The tax rate at which the interim dividend was franked was 30% (2001: 34%; 2000: 36%).
******Telstra GroupTelstra EntityYear ended 30 JuneYear ended 30 June20022001200020022001$m$m$m$m$mThe combined amount of exempting and franking creditsavailable to us for the next fiscal year are:Combined exempting and franking account balance as at 30 June (i)	53064574457466Franking credits that will arise from the paymentof income tax payable as at 30 June (ii)	1,4751,6201,4391,3351,664Franking debits that will arise when we payour final dividend provided for as at 30 June (iii)	(606)(1,416)(1,287)(606)(1,416)Franking credits and exempting credits that we may beprevented from distributing in the next fiscal year	(15)(153)(14)--1,3846962121,186714
(i) With the introduction of the Business Tax Reform's Simplified Imputation Regime which became effective from 1 July 2002, the Telstra Entity's and Telstra Group's franking balances as at 30 June 2002 have been converted to reflect the credit balances on a tax paid basis rather than on an after tax distributable profits basis.  The tax paid balances basically represent the imputation tax credits that are available for distribution.
As at 30 June 2002, the Telstra Entity had a combined exempting and franking account balance of $457 million.  This balance represents the tax paid amount and equates to a fully franked distributable dividend of $1,067 million.
(ii) Franking credits that will arise from the payment of income tax in fiscal 2003 are expressed at the 30% tax rate on a tax paid basis.  Franking credits for the fiscal 2002 and fiscal 2001 disclosures are also expressed at the 30% tax rate  but on an after tax distributable profit basis.
(iii) The franking debits that will arise when we pay our final dividend have been expressed as the amount of imputation tax credits that will be attached to a fully franked distribution of $1,415 million.
As at 30 June 2002, the Telstra Entity had a surplus in its C class franking account of $457 million (2001: surplus of $466 million; 2000: deficit of $141 million) and a surplus of $0.1 million (2001: $0.2 million; 2000: $141 million) in its C class exempting credit account restated on a tax paid basis.
Additional franking credits will arise when the Telstra Entity and its Australian controlled entities pay tax instalments during fiscal 2003 relating to the fiscal 2000, 2002 and 2003 income tax years.8. Cash Assets******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001$m$m$m$m8.  Cash assetsCash at bank and on hand	311201132102Bank deposits, bills of exchange and commercial paper (a)	7598763576931,0701,077489795
(a) Bank deposits are held in the short term money market.  The carrying amount of bank deposits, bills of exchange and commercial paper is approximately equal to net fair value due to their short term to maturity.9. Receivables******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001		Note$m$m$m$m9.  ReceivablesCurrentTrade debtors (a)	2,6632,7991,8641,893Provision for doubtful debts	(221)(192)(162)(137)2,4422,6071,7021,756Amounts owed by controlled entities (other than trade debtors)	27--3,1486,665Provision for amounts owed by controlled entities (other than trade debtors)	27--(855)---2,2936,665Accrued revenue	1,1531,0551,0881,002Bank deposits, bills of exchange and commercial paper (b)	388409388409Share loans to employees (c)	19,2725372537Loans to joint venture entities and associated entities	2716341634Other receivables	391651084,0634,3075,5229,911Non currentAmounts owed by controlled entities (other than trade debtors)	27--202227Provision for amounts owed by controlled entities (other than trade debtors)	27--(86)(111)--116116Bank deposits and bills of exchange (b)	-8-6Share loans to employees (c)	19,27205233205233Loans to joint venture entities and associated entities	2746-46-Converting note (2001: convertible note) issued by PCCW (d)	3371,4963371,496Other receivables (e)	13266132417201,8038361,892Australian dollar equivalentsAustralian dollar equivalents of amounts receivable inforeign currencies not effectively hedged:- Euro	4-4-- British pounds sterling	2525- Japanese yen	3737- United States dollars	15261526- French francs	-4-4- German deutschemarks	-6-624482448
(a) Our policy requires trade debtors to pay us within 14 days.  We have no significant exposure to any individual customer, geographical location or industry category.  All credit and recovery risk associated with trade debtors has been provided for in the financial statements.  The carrying amount of trade debtors is approximately equal to net fair value.
(b) Bank deposits, bills of exchange and commercial paper as at 30 June 2002 include $6 million current (2001: $5 million) and $nil non current (2001: $6 million) Japanese yen deposits.  These relate to our Japanese finance lease liabilities and are held to satisfy our requirements under the leases which are payable in July 2002.   The carrying amount of bank deposits, bills of exchange and commercial paper are approximately equal to net fair value.  
(c) Share loans to employees represent amounts receivable from employees under all employee share plans.  Refer to note 19 for details regarding the share plans.  The carrying amount of share loans to employees is approximately equal to net fair value.  The loan balance is considered fully recoverable over the period of the employee share schemes.
(d) On 7 February 2001, Pacific Century CyberWorks (PCCW) issued a convertible note to us for US$750 million (A$1,366 million).  The term of the convertible note was 6 years with an interest coupon compounding quarterly of 5% for the first four years and 7% for the remaining two years.  On 28 June 2002, this convertible note was redeemed in full by PCCW.  Under an agreement, the fair value of the redemption was applied to acquire PCCW's 40% interest in Regional Wireless Company (RWC) and to subscribe for a new US$190 million  (A$337 million) mandatorily converting secured note issued by PCCW.  This note has a three year term and an interest coupon compounding at a rate of 5% per annum.  PCCW's obligations under the note are secured by an equitable mortgage of shares over all of PCCW's 50% shareholding in Reach Ltd.
(e) Included in our other non current receivables is an amount of $115 million (2001: $41 million) from Telstra Growthshare (the senior executive equity participation scheme).  Refer to note 19 for further information on Telstra Growthshare.  The carrying value of our other receivables are approximately equal to net fair value.10. Inventories******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001$m$m$m$m10.  InventoriesCurrentRaw materials and stores recorded at cost	749718Construction contracts (a) (1.9)	3562--Finished goods recorded at cost	161156135129Finished goods recorded at net realisable value	27832258Total finished goods	188239157187Provision for stock obsolescence	(26)(30)(4)(5)204320160200Non currentFinished goods recorded at cost	18353Finished goods recorded at net realisable value	1421142132241924Provision for stock obsolescence	(12)(16)(12)(16)20878
(a) Construction contract disclosures are shown in the table below.
******Gross amount of construction work in progress	125280--Profits recognised to date	154--140284--Progress billings and advances received	(106)(222)--3462--Advances received (included in accounts payable)	-7-711. Investments******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001		Note$m$m$m$m11.  InvestmentsInvestments - accounted for using the equity method (1.10)Carrying value of investments in joint venture entities (a) (b)	241,1101,19233Investment in associated entities (a)	1011235757Provision for reduction in value	(14)(56)(26)(27)Carrying amount of investment in associated entities (a) (b) (c)	24876731301,1971,2593433Investments - other non current (1.10)Listed securitiesInvestment in listed corporations (at cost)	58863838Provision for reduction in value	(17)(26)(14)(12)Total listed securities excluding investment in associated entity (d)	11(i)41602426Unlisted securities and other investmentsInvestment in controlled entities (at cost)	23--9,5537,708Provision for reduction in value	23--(4,875)(4,442)--4,6783,266Investment in other corporations (at cost) (e)	79607319Provision for reduction in value	(15)(37)(13)(16)Total investment in other corporations (b) (e)	11(ii)6423603Satellite consortium investment (b) (e)INTELSAT	-60-601051434,7623,355
(a) Our investments in joint venture entities and associated entities recorded in the Telstra Entity are at cost.  The carrying value of our investments in the Telstra Entity are at cost less any provision for reduction in value.
(b) The net fair value of these investments is approximately equal to their carrying amounts.  
(c) Our associated entity, Solution 6 Holdings Limited is a listed entity.  Its equity accounted value at 30 June 2002 was $14 million (2001: $34 million) and is recorded as part of the total investment in associated entities.  Its net fair value at 30 June 2002 was $18 million (market price excluding transaction disposal costs) (2001: $34 million).
(d) The net fair value of our listed securities excluding our listed associate, Solution 6 Holdings Limited, as at 30 June 2002 was $144 million (2001: $476 million) excluding transaction costs.
(e) INTELSAT was incorporated on 18 July 2001 and subsequently changed its name to Intelsat Ltd.  Accordingly, our interest in this investment has been reclassified in the current year from a satellite consortium investment to an investment in other corporations (refer note 1.10(f)). 
Listed securities and investments in other corporations are shown as follows:
******Name of investmentPrincipalOwnershipTelstra Group's recordedTelstra Entity's recordedactivitiesinterestamount of investment (*)amount of investment (*)As at 30 JuneAs at 30 JuneAs at 30 June200220012002200120022001%%$m$m$m$m(i) Listed securitiesSMS Management and Technology Limited (formerly Sausage Software Limited) (a)	Software development, internet development and eCommerce solutions-4.87-6- -   Infonet Services Corporation		International communications and computing services5.35.3111111 11   Commander Communications Ltd	Voice and data transmission services16.6216.6216181315New Skies Satellites, N.V.	Provision of satellite capacity0.81.39921--Other listed investments	54--41602426(ii) Investments in other corporationsIntelsat Ltd (b)	Provision of satellite capacity1.71-60-60-corProcure Pty Ltd (c)	Horizontal open market exchange services-16.74-6--CPI Card Group (d)	Manufacture and sale of financial magnetic stripe cards-10.0-9--Other investments	48-36423603
(*) Amounts shown net of provision for reduction in value.
(a) We now have a nil shareholding in SMS Management and Technology Limited following the sell down of options and shares in September 2001 and November 2001. 
(b) INTELSAT was incorporated on 18 July 2001 and subsequently changed its name to Intelsat Ltd.  Our interest in this investment has been reclassified in the current year from a satellite consortium investment to an investment in other corporations (refer note 1.10(f).
(c) During fiscal 2002, we sold our shareholding in corProcure Pty Ltd.  
(d) Keycorp Limited (Keycorp) is no longer treated as a controlled entity but is considered to be an associated entity (refer note 23 and note 24).  Accordingly, investments held by Keycorp in the CPI Card Group are no longer carried in our financial statements. These investments were fully written down in the current financial year.12. Property, plant and equipment******Telstra Group	(a)(b)(c)(d)(e)(f)LandBuildingsCA'sCA'sOtherEquip& site(incl(incl.underplant,underimp'mntl'holdl'holdfinanceequip &financeTotalimp'mnt)imp'mnt)leaseMVlease		Note$m$m$m$m$m$m$m30 June 2002Carrying amount at cost (1.12)Balance at 30 June 20011601,33934,1499061,8176538,436- additions	-462,792-128-2,966- disposals	(33)(32)(738)-(276)(24)(1,103)- acquisitions of businesses	117671-826777- net foreign currency exchange differences ontranslation of financial statements of self-sustaining operations	-(3)(19)-(1)-(23)- other	(47)(589)417(48)7-(260)Balance at 30 June 20028177837,2728581,7574740,793Accumulated depreciation/amortisationBalance at 30 June 2001-(408)(13,883)(164)(1,140)(38)(15,633)- disposals	-15670-15524864- depreciation and amortisation expense	3-(84)(2,373)(79)(115)(2)(2,653)- net foreign currency exchange differences ontranslation of financial statements of self-sustaining operations	--3---3- other	-212(203)48(6)(4)47Balance at 30 June 2002-(265)(15,786)(195)(1,106)(20)(17,372)Net book valueAs at 30 June 20028151321,4866636512723,421
**General purpose land and buildings**(a) Land and site improvements(b) Buildings (including leasehold improvements)
**Communication assets**(c) Communication assets (including leasehold improvements)(d) Communication assets under finance lease
**Other plant and equipment**(e) Other plant, equipment and motor vehicles(f) Equipment under finance lease
******Telstra Group	(a)(b)(c)(d)(e)(f)LandBuildingsCA'sCA'sOtherEquip& site(incl(incl.underplant,underimp'mntl'holdl'holdfinanceequip &financeTotalimp'mnt)imp'mnt)leaseMVlease		Note$m$m$m$m$m$m$m30 June 2001Carrying amount at cost (1.12)Balance at 30 June 20001851,24132,3139542,3166237,071- additions	1922,956-27733,329- disposals	(26)(31)(1,786)(6)(840)-(2,689)- acquisitions of businesses	-30398-62-490- recoverable amount writedowns	----(2)-(2)- net foreign currency exchange differences ontranslation of financial statements of self-sustaining operations	-339-7-49- other	-4229(42)(3)-188Balance at 30 June 20011601,33934,1499061,8176538,436Accumulated depreciation/amortisationBalance at 30 June 2000-(351)(12,881)(117)(1,381)(25)(14,755)- disposals	-14851-371-1,236- acquisitions of businesses	-(1)5-(15)-(11)- recoverable amount writedowns	----1-1- depreciation and amortisation expense	3-(56)(2,116)(89)(156)(8)(2,425)- net foreign currency exchange differences ontranslation of financial statements of self-sustaining operations	--(3)-(1)-(4)- other	-(14)2614241(5)325Balance at 30 June 2001-(408)(13,883)(164)(1,140)(38)(15,633)Net book valueAs at 30 June 200116093120,2667426772722,803
**General purpose land and buildings**(a) Land and site improvements(b) Buildings (including leasehold improvements)
**Communication assets**(c) Communication assets (including leasehold improvements)(d) Communication assets under finance lease
**Other plant and equipment**(e) Other plant, equipment and motor vehicles(f) Equipment under finance lease
******Telstra Entity	(a)(b)(c)(d)(e)(f)LandBuildingsCA'sCA'sOtherEquip& site(incl(incl.underplant,underimp'mntl'holdl'holdfinanceequip &financeTotalimp'mnt)imp'mnt)leaseMVlease		Note$m$m$m$m$m$m$m30 June 2002Carrying amount at cost (1.12)Balance at 30 June 20011601,26733,2599051,5042437,119- additions	-632,682-37-2,782- disposals	(33)(32)(713)-(246)(24)(1,048)- other	(47)(588)407(47)1-(274)Balance at 30 June 20028071035,6358581,296-38,579Accumulated depreciation/amortisationBalance at 30 June 2001-(396)(13,694)(164)(974)(24)(15,252)- disposals	-15650-14224831- depreciation and amortisation expense	3-(79)(2,130)(79)(85)-(2,373)- other	-213(191)48(3)-67Balance at 30 June 2002-(247)(15,365)(195)(920)-(16,727)Net book valueAs at 30 June 20028046320,270663376-21,852
**General purpose land and buildings**(a) Land and site improvements(b) Buildings (including leasehold improvements)
**Communication assets**(c) Communication assets (including leasehold improvements)(d) Communication assets under finance lease
**Other plant and equipment**(e) Other plant, equipment and motor vehicles(f) Equipment under finance lease
******Telstra Entity	(a)(b)(c)(d)(e)(f)LandBuildingsCA'sCA'sOtherEquip& site(incl(incl.underplant,underimp'mntl'holdl'holdfinanceequip &financeTotalimp'mnt)imp'mnt)leaseMVlease		Note$m$m$m$m$m$m$m30 June 2001Carrying amount at cost (1.12)Balance at 30 June 20001851,22431,5989542,0562436,041- additions	1702,916-209-3,196- disposals	(26)(30)(1,472)(6)(759)-(2,293)- recoverable amount writedowns	----1-1- other	-3217(43)(3)-174Balance at 30 June 20011601,26733,2599051,5042437,119Accumulated depreciation/amortisationBalance at 30 June 2000-(341)(12,512)(117)(1,221)(19)(14,210)- disposals	-15839-348-1,202- depreciation and amortisation expense	3-(55)(1,990)(89)(140)(5)(2,279)- other	-(15)(31)4239-35Balance at 30 June 2001-(396)(13,694)(164)(974)(24)(15,252)Net book valueAs at 30 June 200116087119,565741530-21,867
**General purpose land and buildings**(a) Land and site improvements(b) Buildings (including leasehold improvements)
**Communication assets**(c) Communication assets (including leasehold improvements)(d) Communication assets under finance lease
**Other plant and equipment**(e) Other plant, equipment and motor vehicles(f) Equipment under finance lease
**Communication assets**Communication assets include certain network land and buildings which are essential to the operation of communication assets.
**Current value of all land and buildings**
We obtain valuations of all of our land and buildings at least once every three years and the current value as at 30 June 2002 is as follows:-  $2,906 million for the Telstra Group  (fiscal 2001: $3,321 million); and  $2,866 million for the Telstra Entity (fiscal 2001: $3,313 million). 
These current values are not at independent valuation.  The following bases are used in determining the current value of property, plant and equipment:
******Property, plant and equipment categoryValuation basisGeneral purpose land and buildingsMarket valueCommunication assets and other plant and equipmentNetwork landMarket valueNetwork buildingsDepreciated replacement cost
These valuations do not include land and buildings held for resale as included in note 14.
Details of our capital expenditure and finance lease commitments are shown in note 20 to these financial statements.
**Assets pledged as security**
Included in our balances of property, plant and equipment are assets which have been pledged as collateral for a bank loan entered into by our controlled entity, TelstraClear Limited.  The property, plant and equipment and other assets subject to this pledge are detailed in the table below:
******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002$m2002$mProperty, plant and equipment		818-Other assets	415-1,233-13. Intangible assets******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001$m$m$m$m13.  Intangible assetsGoodwill (1.14(a))	2,2191,6236-Accumulated amortisation	(156)(75)(1)-2,0631,5485-Patents, trademarks and licences (1.14(b))	697970340554Accumulated amortisation	(87)(198)(71)(181)610772269373Brandnames (1.14(b))	247228--Accumulated amortisation	(16)(5)--231223--Customer bases (1.14(b))	629504--Accumulated amortisation	(112)(35)--517469--3,4213,012274373
As at 30 June 2002, the net goodwill balance was from investments made in the following controlled entities:
******Telstra GroupAs at 30 June20022001$m$mRegional Wireless Company (i)		1,8841,431TelstraClear Limited (ii)	79- Pacific Access Pty Ltd (iii)	4143Telstra Enterprise Services Pty Ltd (iv)		3945InsNet Pty Ltd			1114Other (v)		915Net goodwill	2,0631,548
(i) On 28 June 2002, we acquired the remaining 40% shareholding of Regional Wireless Company that we did not hold, resulting in additional goodwill of $522 million.  For further information, refer note 23.
(ii) On 12 December 2001, we acquired an additional 8.4% interest in TelstraClear Limited giving a 58.4% controlling interest in this company.  For further information, refer note 23.
(iii) On 19 August 2002, Pacific Access Pty Ltd changed its name to Sensis Pty Ltd.
(iv) During fiscal 2002, Advantra Pty Ltd changed its name to Telstra Enterprise Services Pty Ltd.  For further information, refer note 23.
(v) Included within the other category for fiscal 2001 was net goodwill relating to Keycorp Limited (Keycorp).  We have deconsolidated Keycorp from 28 June 2002 and reclassified our investment from a controlled entity to an associated entity due to loss of control.  For further information, refer note 23.14. Other assets******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001$m$m$m$m14.  Other assetsCurrentNet deferred mobile phone handset subsidies (1.15(b))	184198184198Deferred expenditure (1.15(c))	233212197209Prepayments	187139132117Land and buildings held for resale (i)	434-434-1,038549947524Non currentDeferred expenditure (1.15(c))	397409396368Accumulated amortisation	(12)(11)(12)(10)385398384358Software assets developed for internal use (1.15(d))	2,6272,3102,4692,146Accumulated amortisation	(823)(685)(808)(675)1,8041,6251,6611,471Net deferred mobile phone handset subsidies (1.15(b))	175517562,2062,0782,0621,885
(i)  We have reclassified $434 million of land and buildings from property, plant and equipment as these assets are considered to be held for sale as at 30 June 2002.  Subsequent to balance date,  we have entered an agreement to sell the land and buildings that are subject to the reclassification (refer to note 28 for further details).15. Payables******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001		Note$m$m$m$m15.  PayablesCurrentTrade creditors (a)	606737424533Accrued expenses	1,3281,396999946Accrued capital expenditure	194210277285Accrued interest	237234234234Other creditors (a)	426295172147Amounts owed to controlled entities (other than trade creditors)	27--12532,7912,8722,2312,148Non currentOther creditors	129120683Australian dollar equivalentsAustralian dollar equivalents of amounts payable inforeign currencies not effectively hedged:- Euro	54375437- British pounds	10101010- Japanese yen	7-7-- United States dollars	341478327478- Canadian dollars	21-21-433525419525
(a) We generally pay trade creditors and other creditors within 30 days of the date of invoice for electronic funds transfer payments, or 30 days from the end of the month of invoice for other payments.  The carrying value of these balances is approximately equal to net fair value.16. Interest-bearing liabilities******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001		Note$m$m$m$m16.  Interest-bearing liabilitiesCurrentShort term debtBank overdrafts (a)	-10--Loan from joint venture entities and associated entities (b)	274-4-Bills of exchange and commercial paper (c)	6022,5426022,5106062,5526062,510Long term debt - current portionBank loans (d)	539320-Loans from controlled entities	27--1,7044,879Telstra bonds (e)	5823958239Other loans (f)	119-119-Finance leases (g)	202010751,260522,4324,9231,8662,6043,0387,433Non currentLong term debtBank loans (d)	1,0742,0961,0632,082Telstra bonds (e)	2,6052,1932,6052,193Other loans (f)	8,1607,0678,1607,060Finance leases (g)	20213011011,86011,38611,82911,345Total debt payableShort term debtBank overdrafts (a)	-10--Loan from joint venture entities and associated entities (b)	274-4-Bills of exchange and commercial paper (c)	6022,5426022,5106062,5526062,510Long term debt (including current portion)Bank loans (d)	1,6132,0991,0832,082Loans from controlled entities	27--1,7044,879Telstra bonds (e)	3,1872,2323,1872,232Other loans (f)	8,2797,0678,2797,060Finance leases (g)	20414081513,12011,43814,26116,26813,72613,99014,86718,778
Our interest-bearing liabilities are unsecured, except for: -  finance leases which are secured, as the rights to the leased asset transfer to the lessor in the event of a default by us;    bank overdrafts which are $nil (2001: $10 million); andbank loans of $519 million (2001: $6 million) held by non-Australian controlled entities.  
Refer to notes (a) and (d) below.
Our long term debt is repayable over the next five years ending 30 June and after as follows:
******Telstra Group20032004200520062007after 2007Total$m$m$m$m$m$m$mLong term debt payable	1,2606792,2032,1093766,54213,169Unamortised discount	(49)13,120
(a) Bank overdrafts
As at 30 June 2002, our bank overdrafts are $nil.  As at 30 June 2001, our bank overdrafts of $10 million relating to our controlled entities were secured against certain fixed and floating assets of those controlled entities.  Interest on bank overdrafts was charged at the relevant bank's benchmark rate current at that time.  The effective interest rate relating to these overdrafts were 13.73%.  The bank overdrafts were payable on demand and subject to review by the banks.
(b) Loan from joint venture entities and associated entities
As at 30 June 2002, we owed a joint venture entity $4 million (2001: $nil) for an amount deposited with the Telstra Entity.  The amount is repayable on demand and has an interest rate of 4.70% (2001: nil%).
(c) Bills of exchange and commercial paper
We have issued bills of exchange and commercial paper of $602 million (2001: $2,542 million) to financial institutions with an original maturity of less than 180 days.  
Included in bills of exchange are $nil (2001: $32 million) issued by a controlled entity.  These bills were secured by registered equitable mortgages over the controlled entity's assets, including uncalled capital.
At 30 June 2002, $602 million (2001: $2,233 million) of the commercial paper matures in less than three months.  The weighted average effective interest rate applicable to this commercial paper at 30 June 2002 was 4.41% (2001: 4.62%).
(d) Bank loans
Our non-Australian controlled entities have the following bank loans:
******A$ amountInterest ratesAs at 30 JuneYear ended 30 June2002200120022001A$mA$m%%Indian rupees bank loans (i)	-7-14.9Sri Lankan rupees bank loans (ii)	111017.018.0New Zealand dollar loans (iii)	519-6.82-Total bank loans including current portion	53017
(i) In fiscal 2001, $6 million of this loan held by a non-Australian controlled entity was secured against certain fixed and floating assets of that controlled entity.  We sold our ordinary share holding in this non-Australian controlled entity in fiscal 2002.
(ii) This loan has not been secured, but a negative pledge has been given by our controlled entity and we have issued a letter of comfort.
(iii) This loan is secured against certain fixed and floating assets of our controlled entity TelstraClear Limited.  For further details of assets pledged as security, refer note 12.
Our total bank loans are repayable over the next five years ending 30 June and after as follows:
******Telstra Group20032004200520062007after 2007Total$m$m$m$m$m$m$mBank loans	539921,063--1,613
(e)  Telstra bonds
During fiscal 2002, $39 million of Telstra bonds matured.  Telstra bonds have been issued to both retail and wholesale investors and have effective interest rates ranging from 3.5% to 12.67% (2001: 3.0% to 12.7%).  They mature up until the year 2020 (2001: 2020).  Our Telstra bonds are repayable over the next five years ending 30 June and after as follows:
******Telstra GroupCoupon interest rate	up to 6.0%up to 8.0%up to 10.0%up to 12.0%up to 16.0%Total$m$m$m$m$m$mDue in the year ending June 302003	--66514-5802004	158457--2102005	-250319-2722006	--12504-5162007	------After 2007	351,5102844321,6491931,8051161,081323,227Unamortised discount	(40)3,187
(f) Other loans
Details of our other loans are presented in the table below: 
******Telstra Group - Other loans detailsA$ amountInterest ratesMaturity datesAs at 30 JuneYear ended 30 JuneAs at 30 June200220012002200120022001A$mA$m%%Australian dollar loans	-6---between Dec 2003 and Dec 2005US dollar loans	2,3011,4662.40% to 6.50%5.25% to 7.06%between July 2003 and April 2012between July 2003 and April 2008Euro eurobond loan	4,3524,1335.88% to 6.38%6.03% to 6.49%between June 2005 and June 2011between June 2005 and June 2011Deutschemark eurobond loan	8918455.13%5.24%April 2008April 2008French franc loan	3993776.00%6.15%December 2006December 2006Swiss franc eurobond loan	3573283.38%3.50%June 2005June 2005Japanese yen loans	4152850.33% to 5.58%0.33% to 5.57%between Oct 2002  and Sep 2010 between Oct 2002 and May 2008Singapore dollar loans	1001083.80%3.80%March 2008March 2008Net (receivable)/payable on currency swaps entered to hedge these borrowings		 (536)(481)----Total other loans including current portion8,2797,067
Our other loans are repayable over the next five years ending 30 June and after as follows:
******Telstra Group20032004200520062007after 2007Total$m$m$m$m$m$m$mOther loans	1194411,9275303764,8938,286Unamortised discount	(7)8,279
(g) Finance leases
Details of minimum lease payments due under finance leases are presented as follows:
******Telstra Group20032004200520062007after 2007Total$m$m$m$m$m$m$mFinance leases	22192---43Future finance charges	(2)41
(h) Net fair values
We determine net fair values of fixed rate loans and bonds issued using current risk adjusted market rates.  The carrying amounts of bank overdrafts, bills of exchange and commercial paper, loans from joint venture entities and associated entities, bank loans and finance lease liabilities, are approximately equal to net fair value.
The net fair values of other borrowings where the carrying amounts (including accrued interest) are significantly different to their net fair values are shown below:
****** Telstra Group Telstra GroupCarrying amount (i)Net fair valueAs at 30 JuneAs at 30 June2002200120022001$m$m$m$mTelstra bonds				3,2532,2803,4722,472Other loans (ii)	8,9047,6309,097 7,672
The difference between the carrying amounts and net fair values relates mainly to interest rate movements.
(i) The carrying amount represents principal and accrued interest.
(ii) The carrying amount and net fair value of other loans excludes cross currency swaps which are disclosed in note 29.
(i) Financing arrangements
******As at 30 JuneAs at 30 June2002200120022001$m$m$m$mOur financing arrangementsWe have access to the following lines of credit:Credit standby arrangementsUnsecured committed cash standby facilities which are subject to annual review	955847815847Amount of credit unused	896847815847Secured bank overdraft and term loan facilities	-2--Amount of credit unused	-2--Loan facilitiesUnsecured bank term loan facilities	2,3134,5922,3134,432Amount of credit unused	1,2502,4121,2502,350
We have commercial paper facilities in place with financial institutions under which we may issue up to $16,088 million (2001: $17,756 million).  As at 30 June 2002, we had drawn down $602 million (2001: $2,542 million) of these commercial paper facilities.  These facilities are not committed and we have no guaranteed access to the funds.  None of the facilities are underwritten.17. Provisions
******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001		Note$m$m$m$m17.  ProvisionsCurrentDividends payable	71,4151,4161,4151,416Employee entitlements (a)	373429253362Workers' compensation (1.18(b))	41433841Other provisions	7413017831,9032,0181,7231,902Non currentEmployee entitlements (a)	572584517516Workers' compensation (1.18(b))	229241218232Other provisions	47212221848846757769(a) Employee entitlements consist of amounts for annual leave, longservice leave and redundancy payments to employees (refer to note 1.18(a)).Total employee entitlements	9451,013770878
The carrying amounts of all provisions are approximately equal to their net fair value.18. Contributed equity
Telstra Group & Telstra EntityAs at 30 June2002200220012000$mUS$m$m$m18. Contributed equityIssued and paid up capital12,866,600,200 fully paid ordinary shares (a)6,4333,6026,4336,433
(a) Each of our fully paid ordinary shares carries the right to one vote at a meeting of the company.  Holders of our shares also have the right to receive dividends as declared, and to participate in the proceeds from sale of all surplus assets in proportion to the total shares issued in the event of the company winding up.19. Employee share plans						
(a) TESOP 99 and TESOP 97As part of the Commonwealth sale of its shareholding in fiscal 2000 and fiscal 1998 we offered our eligible employees as defined by the employee share plans the opportunity to buy Telstra shares.  The shares were ordinary shares of the Telstra Entity at the time of the offer.
These share plans were:-  the Telstra Employee Share Ownership Plan II (TESOP 99); and   the Telstra Employee Share Ownership Plan (TESOP 97).
All eligible employees of the Telstra Entity and companies that Telstra owned greater than 50% equity were able to participate in the plans.   Certain employees who were part time, casual, fixed term, on leave without pay or living outside Australia and contractors were not eligible to participate.   
Generally, employees were offered interest free loans to acquire certain shares and in some cases became entitled to certain extra shares and loyalty shares as a result of participating in the plans.  All shares acquired under the plans were transferred from the Commonwealth either to the employees or to the trustee for the benefit of the employees.  Telstra ESOP Trustee Pty Ltd is the trustee for TESOP 99 and TESOP 97 and holds the shares on behalf of participants.  This company is 100% owned by us.  
While a participant remains an employee of the Telstra Entity, a company in which Telstra owns greater than 50% equity or the company which was their employer when the shares were acquired, there is no date by which the employee has to repay the loan, although early repayment can be made.  The loan shares, extra shares and in the case of TESOP 99, the loyalty shares, are generally subject to a restriction on the sale of the shares or transfer to the employee for three years, or until the relevant employment ceases (as well as full loan repayment for loan shares and TESOP 97 extra shares).  Approximately 80% of the dividends on the loan shares and TESOP 97 extra shares held for the employees under the plans are used to repay their loans.
If a participating employee leaves the Telstra Entity, a company in which Telstra owns greater than 50% equity or the company which was their employer when the shares were acquired, the employee may be required to repay their loan within two months of leaving.  This is the case except where the restriction period has ended because of the employee's death or disablement (in this case the loan must be repaid within 12 months).
If the employee does not repay the loan when required, the shares can be sold and the proceeds of sale used to repay the loan.  Also, for TESOP 99, the Government guaranteed an allocation of up to 5,000 shares for employees using their own funds to purchase shares in the public offer.  These shares are directly held by the employees.  
Further details on each of the plans are highlighted in the table below in section (c).
Telstra incurs expenses in relation to the administration of the trusts for TESOP 97 and TESOP 99.  These are recognised in the statement of financial performance as incurred.  The allocation of shares under these plans did not give rise to any other expense to be recognised by us.
(b) Telstra Growthshare Trust
Telstra Growthshare Trust commenced in fiscal 2000.  Under the trust, Telstra operates three different share plans:-  Growthshare  Directshare; andOwnshare
The trustee for the trust is Telstra Growthshare Pty Ltd.  This company is 100% owned by us.  Allocations are in the form of options, restricted shares, performance rights, directshares and ownshares under these plans.  Refer to the tables in section (c) below for more information.
(i) Telstra Growthshare
Telstra Growthshare started in fiscal 2000.  Its purpose is to align key executives' rewards with shareholders' interests, and reward performance improvement supporting business plans and corporate strategies.
The board determines who is invited to participate in Telstra Growthshare.  Allocations are in the form of options, restricted shares and performance rights.  An option, restricted share or performance right represents a right to acquire a share in Telstra.  Generally, options, restricted shares and performance rights may only be exercised to acquire Telstra shares if a performance hurdle is satisfied in the performance period and in the case of options, the exercise price is paid by the executive. 
Performance hurdle for options, restricted shares and performance rights
For allocations made during fiscal 2002, the applicable performance hurdle is based on comparing Telstra's total shareholder return (TSR) with the TSRs of the companies in the S&P/ASX 200 (Industrial) Index (peer group) within the performance period.
The companies in the peer group are anchored at the effective date of allocation, and this same peer group of companies are then tracked during the performance period.  At the end of each quarter during the performance period, the 30 day average TSR is calculated for Telstra and the companies in the peer group for each trading day during that quarter.
The number of options and performance rights exercisable is dependant on whether, during the performance period, the Telstra 30 day average TSR achieves or exceeds the 50th percentile ranking when compared to the 30 day average TSR of the peer group, and the timing of when or if this occurs.    
Both the number of options and the number of performance rights potentially exercisable are based on the following:-  If in the first quarter of the performance period Telstra's percentile ranking is the 50th percentile or above then:     (i)  the number of options and performance rights that become exercisable for that quarter is scaled proportionately from the 50th percentile (at which 100% of the allocation becomes exercisable) to the 75th percentile (at which 200% of the allocation becomes exercisable); and   (ii) in subsequent quarters, the number that become exercisable is based on the same proportionate scale, but is reduced by the number of options or performance rights that have previously become exercisable.    If in the first quarter of the performance period the percentile ranking is less than the 50th percentile then:(i)  half of the allocation will lapse; and(ii)  in subsequent quarters, 100% of the options or performance rights will become exercisable if the ranking is the 50th percentile or above for that quarter.If Telstra does not achieve or exceed the 50th percentile ranking in any quarter of the performance period, all options and performance rights will lapse.
For all allocations prior to 30 June 2001, the applicable performance hurdle was that the average Telstra Accumulation Index must exceed the average All Industrials Accumulation Index for thirty consecutive days within the performance period.  If the performance hurdle is satisfied for these allocations, all of the relevant options or restricted shares would become exercisable (ie. they do not become exercisable on a proportionate basis).
Options
An executive is not entitled to Telstra shares before the options allocated under Growthshare are exercised.  This means that the executive cannot use options to vote or receive dividends.  If the performance hurdle is satisfied in the performance period, options may be exercised at any time before the expiry date; otherwise they will lapse.  Once the options are exercised, Telstra shares will be transferred to the executive.  Telstra provides loans to the trustee to enable it to purchase shares on market to underpin the options.  When exercised, the executive pays for the shares at the exercise price and the loan is repaid to us.  We receive interest on the loans to the trust.
On the basis that the executives must pay the exercise price of the options, which repays the loans made by Telstra, there is no expense to be included in our statement of financial performance.  For the purposes of the United States generally accepted accounting principles (USGAAP) disclosures, the estimated fair value of the options was made at the date of grant using an approach consistent with the binomial and Black-Scholes valuation models.  The compensation expense for USGAAP in relation to options allocated in fiscal 2002 was $41 million.
Restricted Shares
The executive is not entitled to Telstra shares before the restricted shares allocated under Growthshare vest.  If the performance hurdle is satisfied in the performance period, restricted shares may be exercised at any time before the expiry date, otherwise they will lapse.  Once the restricted shares have vested, they become restricted trust shares, which will generally be held by the trustee for the executive for a certain period.  Once converted into restricted trust shares, the executive has an interest in Telstra shares and is entitled to dividends, other distributions, and voting rights.
Restricted trust shares are held by the Trustee until the earlier of:-  the period determined in accordance with the trust deed (refer to table in section (c));  the executive finishes employment with Telstra; ora date nominated by the board.
The executive may exercise restricted shares at a cost of $1 in total for all restricted shares exercised.  These shares are recorded as an expense to us when we provide funding to the trust to purchase them on market.  In fiscal 2002, there was no restricted shares allocated and therefore no associated expense.
Performance Rights
An executive is not entitled to Telstra shares before the performance rights allocated under Growthshare vest.  If the performance hurdle is satisfied in the performance period, a specified number of performance rights as determined in accordance with the trust deed and terms of issue, will become vested performance rights.  The vested performance rights can then be exercised at any time before the expiry date, otherwise they will lapse.  Once the vested performance rights are exercised, Telstra shares will be transferred to the executive.  Until this time, the executive cannot use the performance rights (or vested performance rights) to vote or receive dividends.
Telstra shares will be transferred to the executive on exercise of vested performance rights.  The executive may exercise the performance rights at a cost of $1 in total for all performance rights.  Telstra shares are recorded as an expense to us when we provide funding to the trust to purchase them on market.  In fiscal 2002, we recorded an expense of $6.5 million.
(ii) Telstra Directshare 
Non-executive directors may be provided part of their fees in Telstra shares.  Directors will receive 20% of their remuneration by way of directshares.  Shares are acquired by the trustee from time to time and allocated to the participating  directors on a 6 monthly basis, on dates determined by the trustee in its discretion.  Although the trustee holds the shares in trust, the participant retains the beneficial interest in the shares (dividends, voting rights, bonuses and rights issues) until they are transferred at expiration of the restriction period.  
The restriction period continues:-  for five years from the date of allocation of the shares;  until the participating director is no longer a director of or is employed by a company in the Telstra Group; or until the board of Telstra determines that an 'event' has occurred.
At the end of the restriction period, the directshares will be transferred to the participating director.  The participating director is not able to deal in the shares until this transfer has taken place.  There is no additional expense associated with shares allocated under this plan as the shares are paid for from an allocation of directors' fees.
(iii) Telstra Ownshare 
Certain eligible employees may be provided part of their remuneration in Telstra shares.  Those employees indicate a preference to be provided Telstra shares as part of their remuneration.  Shares are acquired by the trustee from time to time and allocated to these employees at the time their application is accepted.  Although the trustee holds the shares in trust, the participant retains the beneficial interest in the shares (dividends, voting rights, bonuses or rights issues) until they are transferred at expiration of the restriction period.  
The restriction period continues:-  for three years or five years depending on the election made by the participant at the time of allocation;  until the participant ceases to be employed by the Telstra Group; or until the board of Telstra determines that an 'event' has occurred.
At the end of the restriction period, the ownshares will be transferred to the participant.  The participant is not able to deal in the shares until this transfer has taken place.  We do not incur any additional expense associated with this plan as the shares allocated are paid for by employees through an allocation of remuneration.
(c) Share plan information
The table below provides information about our TESOP 99 and TESOP 97 share plans:
******TESOP 99TESOP 97Date used to determine number of eligible employees		27 August 199920 September 1997 Date the plan started	16 October 199915 November 1997Number of employees eligible to participate	53,900 64,309 Price paid by employee - first instalment	(16 October 1999) $4.50(15 November 1997) $1.95Price paid by employee - second instalment	(2 November 2000) $2.90(17 November 1998) $1.35Total price paid by employee and market price on date of issue	$7.40$3.30Number of shares each eligible employee was able to buy with interest free loan (loan shares)	4002,000Number of extra shares received by each eligible employee	one extra share for every four guaranteed allocation shares purchased up to a limit of 200one extra share for every four loan shares or non-loan shares purchased up to a limit of 500The date participating employees have full ownership of the loan shares and extra shares (i)	16 October 2002 15 November 2000Number of employees who purchased loan shares	42,43955,748Total number of loan shares initially purchased	16,939,000109,979,100Total number of extra shares initially acquired relating to loan shares	(ii)27,494,775Number of employees who used their own funds to buy shares in TESOP and received extra shares	 21,4242,282Number of shares initially purchased under TESOP with own funds	(iii)3,776,732Number of extra shares initially acquired by employees from using their own funds	 (ii) 3,903,314944,183Total market value of shares at issue date (including extra shares)	$93,790,413 (first instalment)$58,832,889  (second instalment)$277,279,841 (first instalment)$181,936,265 (second instalment)Total initial loan made to employees	$76,225,500 (first instalment)$48,556,440 (second  instalment)$221,823,872 (first instalment)$144,401,940 (second instalment)Loan discount paid on behalf of employees ($1 per loan)	$42,439$55,748Number of Commonwealth loyalty shares available to each eligible employee at no additional cost (shares need to be held for 12 months to qualify)	one for every 10 shares purchased in the Commonwealth component limited to 80one for every 10 shares purchased in the public offer limited to 200Number of employees who received Commonwealth loyalty shares	(iv)17,13821,761Number of loyalty shares issued	(iv) 1,243,3053,162,222Market value of Commonwealth loyalty shares issued	(iv) $7,696,058 ($6.19 per share)$20,363,290 ($6.46 per share)
(i) In the case of all loan shares and extra shares acquired under TESOP 97, the loan must be repaid in full before shares may be transferred to the employee.
(ii) For TESOP 99, the extra shares were acquired under the Commonwealth component as a result of employees acquiring guaranteed allocation shares in the public offer using their own funds.
(iii) Does not include guaranteed allocation shares acquired by employees from the Commonwealth under the Commonwealth component.
(iv) TESOP 99 loyalty shares were issued to eligible employees still holding their Commonwealth component shares on 2 November 2000 and did not prepay the final instalment.
We provide the following information about Telstra Growthshare:September 1999 offer of options and restricted shares:
******Growthshare 2000options (v) Growthshare 2000restricted shares (v)Number of executives who were allocated options and restricted shares			4545 Effective commencement date of options and restricted shares	13 September 199913 September 1999Performance hurdle period - ie. over what time period executives have to satisfy performance hurdle to be eligible for shares	period between 13 September 2002 and 13 September 2004period between 13 September 2002 and 13 September 2004 Number of options and restricted shares issued	3,370,000573,500Exercise price	$8.02 per option$1 in total per holding as long as performance hurdle is metMarket value of shares on commencement date	$8.02 per share$8.02 per shareExercise date (once performance hurdle is met)	any time before 13 September 2009any time before 13 September 2004
September 2000 offer of options and restricted shares:
******Growthshare 2001options (v) Growthshare 2001restricted shares (v)Number of executives who were allocated options and restricted shares			113112 Effective commencement date of options and restricted shares	8 September 20008 September 2000Performance hurdle period - ie. over what time period executives have to satisfy performance hurdle to be eligible for shares	period between 8 September 2003 and 8 September 2005period between 8 September 2003 and 8 September 2005Number of options and restricted shares issued	4,684,200961,900Exercise price	$6.28 per option$1 in total per holding as long as performance hurdle is metMarket value of shares on commencement date	$6.28 per share$6.28 per shareExercise date (once performance hurdle is met)	any time before 8 September 2010any time before 8 September 2005
March 2001 offer of options and restricted shares:
******Growthshare 2001options (v) Growthshare 2001restricted shares (v)Number of executives who were allocated options and restricted shares			22 Effective commencement date of options and restricted shares	16 March 200116 March 2001Performance hurdle period - ie. over what time period executives have to satisfy performance hurdle to be eligible for shares	period between 16 March 2004 and 16 March 2006period between 16 March 2004 and 16 March 2006Number of options and restricted shares issued	168,71043,817Exercise price	$6.55 per option$1 in total per holding as long as performance hurdle is metMarket value of shares on commencement date	$6.55 per share$6.55 per shareExercise date (once performance hurdle is met)	any time before 16 March 2011any time before 16 March 2006
September 2001 offer of options and performance rights:
******Growthshare 2002options (v) Growthshare 2002performance rights (v)Number of executives who were allocated options and performance rights			155155 Effective commencement date of options and performance rights	6 September 20016 September 2001Performance hurdle period - ie. over what time period executives have to satisfy performance hurdle to be eligible for shares	period between 6 September 2004 and 6 September 2006period between 6 September 2004 and 6 September 2006Number of options and performance rights issued (representing a 200% allocation or maximum entitlement available)	37,034,0003,537,100Exercise price	$4.90 per option$1 per parcel of performance rights exercised as long as performance hurdle is metMarket value of shares on commencement date	$4.90 per share$4.90 per shareExercise date (once performance hurdle is met)	any time before 6 September 2011any time before 6 December 2006
March 2002 offer of options and performance rights:
******Growthshare 2002options (v) Growthshare 2002performance rights (v)Number of executives who were allocated options and performance rights			44 Effective commencement date of options and performance rights	14 March 200214 March 2002Performance hurdle period - ie. over what time period executives have to satisfy performance hurdle to be eligible for shares	period between 14 March 2005 and 14 March 2007period between 14 March 2005 and 14 March 2007Number of options and performance rights issued (representing a 200% allocation or maximum entitlement available)	2,068,000167,200Exercise price	$5.63 per option$1 per parcel of performance rights exercised as long as performance hurdle is metMarket value of shares on commencement date	$5.63 per share$5.63 per shareExercise date (once performance hurdle is met)	any time before 14 March 2012any time before 14 June 2007
(v) Options, restricted shares and performance rights are subject to a performance hurdle.  If this hurdle is not achieved they will have a $nil value and will lapse.   As the achievement of the performance hurdle is uncertain a remuneration value is not attributed to the options, restricted shares or performance rights.  Under Telstra's USGAAP disclosures (refer note 30), an approach consistent with the binomial and Black-Scholes pricing models was used to determine the fair value for options for the purpose of inclusion in the potential compensation expenses.  The value of the allocations per security is as follows: 
******OffersGrowthshare options Growthshare restricted shares Growthshareperformance rightsSeptember 1999$1.38$5.64(a)September 2000	$0.89$2.05(a)March 2001	$0.80$2.15(a)September 2001	$0.90(a)$2.33March 2002	$0.97(a)$2.51
(a) There were no allocations of performance rights or restricted shares in the relevant offer periods.
September 2000 allocation of directshares and ownshares:
******DirectShare Equity PlanOwnShare Equity PlanNumber of eligible participants	114,405Number of participants in the plan			11306Allocation date of shares	15 September 200015 September 2000Number of shares allocated	13,426373,557Market value of shares on allocation date			$6.21 per share$6.21 per shareTotal market value of shares on allocation date	$83,375$2,319,789
March 2001 allocation of directshares (vi):
******DirectShare Equity PlanNumber of eligible non-executive directors	10Number of participants in the plan	10Allocation date of shares19 March 2000Number of shares allocated	14,771Market value of shares on allocation date	$6.55 per shareTotal market value of shares on allocation date$96,750
(vi)  There were no allocations under the ownshare equity plan in March 2001.
September 2001 allocation of directshares and ownshares:
******DirectShare Equity PlanOwnShare Equity PlanNumber of eligible participants116,263Number of participants in the plan	10321Allocation date of shares14 September 200114 September 2001Number of shares allocated	19,445333,911Market value of shares on allocation date	$4.81 per share$4.81 per shareTotal market value of shares on allocation date$93,531$1,606,112
November 2001 allocation of ownshares (vii):
******OwnShare Equity PlanNumber of eligible employees (viii)11,181Number of participants in the plan90Allocation date of shares	2 November 2001Number of shares allocated98,042Market value of shares on allocation date$4.98 per shareTotal market value of shares on allocation date$488,249
(vii)  There were no allocations under the directshare equity plan in November 2001.
(viii)  The November 2001 allocation provided the opportunity for employees to take up ownshares as part of their ongoing remuneration.
March 2002 allocation of directshares (ix):
******DirectShare Equity PlanNumber of eligible non-executive directors	11Number of participants in the plan10Allocation date of shares	14 March 2002Number of shares allocated	18,117Market value of shares on allocation date			$5.63 per shareTotal market value of shares on allocation date$101,999
(ix)  There were no allocations under the ownshare equity plan in March 2002.
Shareholdings by non-executive directors as at 30 June 2002 as allocated under the directshare equity plan.  These shareholdings have been included in the total shareholding disclosures made in note 27.
******Total sharesheld as at 30 June 200114 September 2001 allocation14 March 2002 allocation Transferred on exiting the scheme Total held as at 30 June 2002No. of sharesNo. of sharesNo. of sharesNo. of sharesNo. of shares Robert C Mansfield			6,8864,9904,263-16,139John T Ralph	3,4442,4952,132-8,071N Ross Adler (b)	2,1531,560-(3,713)-Sam H Chisholm	-----Anthony J Clark	1,8661,3521,377-4,595John E Fletcher 	1,2371,3521,155-3,744Belinda J Hutchinson (a)	--1,664-1,664Malcolm G Irving (b)	2,1531,560-(3,713)-Catherine B Livingstone		1,2371,3521,155-3,744Charles Macek (a)	--1,554-1,554Donald G McGauchie		1,8661,3521,155-4,373Elizabeth A Nosworthy (b)		2,5831,872-(4,455)-William A Owens (a)	--1,997-1,997Christopher I Roberts (c)	873--(873)-John W Stocker	2,1531,5601,665-5,378Stephen W Vizard (c)	873--(873)-27,32419,44518,117(13,627)51,259
(a)  Belinda J Hutchinson, Charles Macek, and William A Owens were appointed on 16 November 2001.
(b)  N Ross Adler, Malcolm G Irving, and Elizabeth A Nosworthy retired as directors on 16 November 2001.  They have since exited the scheme and their shares have been transferred to them.
(c)  Christopher I Roberts and Stephen W Vizard retired as directors during fiscal 2001, however their shareholdings were still held in trust as at 30 June 2001.  They have now exited the scheme and their shares have been transferred to them.
We provide the following information about all of our share plans:
******All employeeshare plansAs at 30 June 2002All employeeshare plansAs at 30 June 2001Market price of Telstra shares			$4.66 per share$5.38 per shareEmployee shares loan balance (total including current and non current excluding Growthshare option loans - note 9) 	$230 million$270 millionLoan to Telstra Growthshare (other receivables non current - note 9) 	$115 million$41 millionTESOP 99Remaining employees with loan shares	37,49239,247Remaining number of loan shares	14,965,50015,666,400Remaining number of extra shares	2,784,5903,190,823Remaining number of loyalty shares	1,081,6711,243,305TESOP 97Remaining employees with loan shares	25,66530,024Remaining employees with non loan shares	--Remaining number of loan shares	50,778,70059,378,500Remaining number of extra shares	12,694,67514,844,625Growthshare 2000 (i)Number of executives with Growthshare 2000 options (ii) (iii)	2931Number of executives with Growthshare 2000 restricted shares (ii) (iii)	2830Number of Growthshare 2000 options outstanding (iii)	2,125,6672,262,667Number of Growthshare 2000 restricted shares outstanding (iii)350,688374,000Growthshare 2001 (inclusive of both September and March allocations) (i)Number of executives with Growthshare 2001 options (ii) (iv)	104111Number of executives with Growthshare 2001 restricted shares (ii) (iv)	103110Number of Growthshare 2001 options outstanding (iv)	4,189,5514,486,168Number of Growthshare 2001 restricted shares outstanding (iv)870,700929,758Growthshare 2002 (inclusive of both September and March allocations)Number of executives with Growthshare 2002 options (ii) (vi)	156(v)Number of executives with Growthshare 2001 performance rights (ii) (vi)	156(v)Number of Growthshare 2002 options outstanding (vi)	38,569,695(v)Number of Growthshare 2002 performance rights outstanding (vi)	3,653,441(v)
(i)  Prior year comparatives have been restated to include executives who have ceased employment but have retained partial eligibility under the plan arrangements.
(ii)  The number of executives includes those executives which have ceased employment but retain partial eligibility under the plan arrangements.
(iii)  112,000 options (2001: 368,000 options) and 19,000 restricted shares  (2001: 61,000 restricted shares) lapsed in relation to 2 executives (2001: 5 executives) who left our employment in fiscal 2002.  A further 25,000 (2001: 33,333) options and 4,312 (2001: 21,000) restricted shares have lapsed in relation to 3 (2001: 1) executives who left our employment in fiscal 2002 and who retain partial eligibility under the plan arrangements.
(iv)  219,400 options (2001: 290,700 options) and 45,200 restricted shares (2001: 60,100 restricted shares) lapsed in relation to 7 executives (2001: 6 executives) who left our employment in fiscal 2002.  A further 77,217 (2001: 115,542) options and 13,858 (2001: 23,859) restricted shares have lapsed in relation to 8 (2001: 3) executives who left our employment in fiscal 2002 and who retain partial eligibility under the plan arrangements.
(v)  Options and performance rights were not allocated under this plan during fiscal 2001.
(vi)  338,000 options and 32,200 performance rights lapsed in relation to 3 executives who left our employment in fiscal 2002.  A further 194,305 options and 18,659 performance rights have lapsed in relation to 4 executives who left our employment in fiscal 2002 and who retain partial eligibility under the plan arrangements.
******All employeeshare plansAs at 30 June 2002All employeeshare plansAs at 30 June 2001DirectSharesNumber of non-executive directors with directshares (vii)	1012Number of directshares outstanding (vii)	51,25927,324OwnSharesNumber of employees with ownshares (vii)	400294Number of ownshares outstanding (vii)		737,643349,553
(vii) 28 employees (2001: 12 employees) have exited the ownshare equity plan during fiscal 2002 and 43,863 shares (2001: 24,004 shares) have been transferred to participants.  5 non-executive directors (2001: 1 non-executive director) have exited the directshare equity plan and 13,627 shares (2001: 873 shares) have been transferred from the trust.
(d) Keycorp Limited employee share plans
Until 28 June 2002, we consolidated Keycorp Limited's (Keycorp) financial results and position.  Effective from this date, we have given up our right to appoint a majority of directors to the board of this company and, thus, are no longer in a position of control (refer to note 24 for further details).  During the year, Keycorp operated an employee share ownership plan and employee share option incentive plan independent of the Telstra Entity plans, TESOP 99, TESOP 97 and Telstra Growthshare.  
Employee share ownership plan
All employees of Keycorp can subscribe for shares under the employee share ownership plan.  Keycorp shares are acquired at the prevailing share price in the open market and held for the benefit of, and in the name of, the participating employees.
At year end, 210 employees (2001: 294 employees), including directors, are eligible to participate in the plan through remuneration sacrifice or profit share allocations from the Keycorp Group.  Keycorp expenses their contribution to the plan company in the year the profit share obligation is incurred.  Shares purchased during the reporting period totalled 34,397 (2001: 5,335).  At 30 June 2002, Keycorp no longer formed part of the Telstra group.
Employee share option incentive plan  
During fiscal 2002, 228,000 options were issued to employees (2001: 200,000 options were issued during our period of control).  106,000 options lapsed (2001: 144,000 lapsed during our period of control) and 33,500 options expired (2001: nil options expired). Nil options (2001: nil) were exercised at the exercise prices of $3.00, $2.68 and $0.90.  At 30 June 2002, the Telstra group no longer consolidates the obligations under Keycorp's Employee Share Option Incentive Plan.  
The price payable by eligible employees for options is determined as the weighted average market price for Keycorp shares traded on the Australian stock exchange for the five days preceding the date of the offer of options.
The market price of Keycorp ordinary shares closed at $0.85 (2001: $2.31) on 28 June 2002.20. Expenditure commitments
******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001$m$m$m$m20.  Expenditure commitments(a) Capital expenditure commitmentsTotal capital expenditure commitments contracted for atbalance date but not recorded in the financial statements:Within 1 year	379303353569Within 1-2 years	148226131219Within 2-3 years	139203114203Within 3-4 years	109199106199Within 4-5 years	109170106170After 5 years	23140231409071,2418331,500The capital expenditure commitments above include contracts for building andimproving our networks and software enhancements.Included in the amounts above are capital commitmentsrelating to information technology services (i):Within 1 year	186188181181Within 1-2 years	9715892158Within 2-3 years	9015290152Within 3-4 years	8814788147Within 4-5 years	8813288132After 5 years	51025102554879544872(i) These capital commitments predominantly relate to amounts to bespent on software assets developed for internal use under a 10 yearcontract with IBM Global Services Australia Limited (IBMGSA)(Refer Note 20(d)(ii) for other commitments relating to IBMGSA).(b) Operating lease commitmentsFuture lease payments for non-cancellable operating leasesnot recorded in the financial statements:Within 1 year	221197148165Within 1-2 years	164171117134Within 2-3 years	8611167104Within 3-4 years	58594457Within 4-5 years	46403437After 5 years	152965494727674464591
In addition, we have commitments under cancellable operating leases of $492 million for fiscal 2003 (2001: $451 million for fiscal 2002).  The Telstra Entity has commitments under cancellable operating leases of $404 million for fiscal 2003 (2001: $382 million for fiscal 2002).
**Description of our operating leases**
We have operating leases for the following major services:-  rental of land and buildings;  rental of motor vehicles, caravan huts and trailers and mechanical aids; andrental of personal computers, laptops and printers that are used in non communications plant activities.
The average lease term is:-  six years for land and buildings;  four years for motor vehicles, five years for light commercial vehicles and seven to twelve years for trucks and mechanical aids; andthree years for personal computers and related equipment.
Contingent rental payments only exist for motor vehicles and are not significant compared to total rental payments made.  These are based on unfair wear and tear, excess kilometres travelled, and no financial loss to be suffered by the leasing company from changes to the original agreements.  Our motor vehicles and related equipment must also remain in Australia.
We do not have any purchase options in our operating leases.
Operating leases related to our personal computers and associated equipment had average interest rates of 5.5% for fiscal 2002 (5.8% for fiscal 2001).
******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001		Note$m$m$m$m(c) Finance lease commitmentsWithin 1 year	221577Within 1-2 years	191618Within 2-3 years	28-1Within 3-4 years	-5--Within 4-5 years	----Total minimum lease payments	4344816Future finance charges on finance leases	(2)(4)-(1)Present value of net future minimum lease payments	4140815Recorded as current borrowings	16201075Recorded as non current borrowings	162130110Total finance lease liabilities	164140815
Included in finance lease commitments of the Telstra Entity are finance leases with our joint venture entity Reach Ltd of $nil  (2001: $12 million).  The current amount of these finance leases is $nil  (2001: $5 million).  The non current amount is $nil (2001: $6 million).
**Description of our finance leases**
We have finance leases for the following major services:-  communications exchange equipment made in US dollars; and  computer mainframes, computer processing equipment and other related equipment.
The average lease term is:-  14 years for communications exchange equipment made in US dollars; and  three years for computer mainframe and associated equipment.
Communications exchange equipment leases in Japanese yen have purchase options at 10% of the lease value.
We entered into US finance leases for communications exchange equipment in fiscal 2000 and fiscal 1999.  We have prepaid all lease rentals due under the terms of these leases.  We have guaranteed that the lease payments will be paid as scheduled over the lease term to the ultimate lessor.  We received guarantee fees of $39 million in fiscal 2000 and $37 million for fiscal 1999. These fees are recorded in revenue received in advance and are being released to the statement of financial performance over the term of the leases being 14 years.  The structure of each lease includes an early buy out option with approximately 10 years remaining.
Interest rates for our finance leases are:-  US dollar communication assets between 4.25% and 5.06%; and  computer mainframe, computer processing equipment and associated equipment between 8.26% and 9.36%.
******Telstra GroupTelstra EntityAs at 30 JuneAs at 30 June2002200120022001$m$m$m$m(d) Other commitmentsOther expenditure commitments, other than commitments dealtwith in (a), (b) and (c) above, which have not been recorded inthe financial statements are:Within 1 year	1,125833844685Within 1-2 years	651650467535Within 2-3 years	553556374447Within 3-4 years	487473308373Within 4-5 years	489428309328After 5 years	1,427784223054,7323,7242,3242,673The other expenditure commitments above include contracts for purchase ofcapacity, printing, engineering and operational support services, softwaremaintenance, agency fees and building maintenance. The above commitmentsalso include commitments relating to our investment in FOXTEL(refer note 24) and commitments relating to information technology services(other than those disclosed as capital commitments) as follows:FOXTEL commitments (i):Within 1 year	139102--Within 1-2 years	139100--Within 2-3 years	139100--Within 3-4 years	139100--Within 4-5 years	139100--After 5 years	1,174480--1,869982--Commitments relating to information technology services (ii)	Within 1 year	386370375370Within 1-2 years	316360316360Within 2-3 years	305344305344Within 3-4 years	299335299335Within 4-5 years	305317305317After 5 years	18298182981,6292,0241,6182,024
(i) Joint venture entity commitments amount to approximately A$3,738 million (US$2,060 million) (2001: A$1,964 million, US$997 million), the majority of which relate to the following commitments:-  Minimum subscriber guarantees (MSG) for pay television programming agreements.  These agreements are for periods of between 1 and 18 years (2001: 1 and 19 years) and are based on current prices and costs under agreements entered into between the FOXTEL Partnership and various other parties.  These minimum subscriber payments fluctuate in accordance with price escalation/reduction formulas contained in the agreements.  From 31 December 2001, FOXTEL has increased its MSG commitments under a new perpetual pay television programming agreement for Foxsports.  This has had the effect of increasing our share of the FOXTEL MSG commitments.  
Refer also to note 21 'FOXTEL minimum subscriber guarantees',  for further information.
(ii) Commitments for information technology (IT) services predominantly result from a contract with IBMGSA.  Under the IBMGSA contract, IBMGSA will provide IT services to the Telstra Entity and selected Australian controlled entities for a period of 10 years  from 30 June 1998.  The Telstra Entity is committed to a total amount of $2,026 million (2001: $2,896 million) over the period, of which $458 million (2001: $872 million) relates to a capital commitment (refer note 20(a)).
Under an International Services Agreement Australia (AISA) signed with Reach Ltd we are committed over five years to the purchase of switched voice, international transmission and global internet access services to meet certain percentages of our annual capacity requirement ("committed services").  The committed services may also include the services for the carriage of calls or data between places outside of Australia.21. Contingent liabilities and contingent assets
We have no significant contingent assets as at 30 June 2002.  The details and maximum amounts (where reasonable estimates can be made) are set out below for contingent liabilities.
Telstra Entity
**Common law claims**
Certain common law claims by employees and third parties are yet to be resolved. The maximum amount of these contingent liabilities cannot be reasonably estimated.  Management believes that the resolution of these contingencies will not have a significant effect on the Telstra Entity's financial position, results of operations or cash flows.
**Indemnities, performance guarantees and financial support**
We have provided the following indemnities, performance guarantees and financial support through the Telstra Entity as follows:-  Indemnities to financial institutions to support bank guarantees to the value of $311 million (2001: $343 million) in respect of the performance of contracts.  Indemnities to financial institutions in respect of the obligations of our controlled entities.  The maximum amount of our contingent liabilities for this purpose was $219 million (2001: $217 million).Financial support for certain controlled entities to the amount necessary to enable those entities to meet their obligations as and when they fall due.  The financial support is subject to conditions including individual monetary limits totalling $nil (2001: $2 million) and a requirement that the entity remains our controlled entity.
-  Guarantee of the performance of joint venture entities under contractual agreements to a maximum amount of $422 million (2001: $567 million).  Guarantee of the performance of a third party for lease payments to be made by the third party, on our behalf, over the 16 year terms of the finance leases.  The lease payments over the remaining period of the lease amount to $1,256 million (US$709 million) (2001: $1,221 million (US$620 million)).During fiscal 1998, we resolved to provide our associated entity, IBM Global Services Australia Limited (IBMGSA), with our pro rata 26% share of shareholder guarantees on a several basis up to $210 million.  These guarantees may be made with IBMGSA bankers, or directly to IBMGSA customers.  Our shareholding in IBMGSA, and our pro rata share of any future payments made under the shareholder guarantees, reduced to 22.6% during fiscal 2000.  We issued a shareholder guarantee of $68 million on behalf of IBMGSA during fiscal 2000.  As at 30 June 2002, $142 million (2001: $142 million) of the $210 million guarantee facility remains unused.
-  Indemnities to Telstra Growthshare Pty Ltd  for all liabilities, costs and expenses incurred by the trustee in the execution of the  powers vested in it.   Controlled entities
**Indemnities provided by our controlled entities**
At 30 June 2002, our controlled entities had outstanding indemnities in respect of obligations to financial institutions and corporations.  The maximum amount of our controlled entities' contingent liabilities in respect of these indemnities was $58 million (2001: $9 million).
During fiscal 2002, our controlled entity Hong Kong CSL Limited (HK CSL) guaranteed a performance bond of $57 million (HK$250 million) issued by a bank to the Office of Telecommunications Authority of Hong Kong (OFTA) in respect of the 3G licence awarded to HK CSL.  The performance bond equals the minimum annual fees payable to the OFTA for the next five years.  Total expenditure commitments pursuant to the 3G licence, including the next five years, are represented within other commitments in note 20. 
**Other**
The PT Mitra Global Telekomunikasi Indonesia (MGTI) joint venture agreement (JVA) was renegotiated during the financial year ending 30 June 2000.  The revised JVA reduced the amount of base equity to be contributed by shareholders from US$340 million to US$208 million (which has now been contributed).  
However, Telstra Global Limited (TGL), under the JVA, may be severally liable for calls against standby equity that would be made by MGTI if certain conditions are met.  Should this equity be called, TGL will be liable to contribute additional equity of $30 million (US$17 million) (2001: $33 million (US$17 million)).  If the other shareholders in MGTI default on contributing their share of a standby equity call, TGL may be liable to contribute an additional $120 million (US$68 million) (2001: $133 million (US$68 million)) as standby equity.
TGL has granted a limited recourse pledge over its shares in MGTI in support of MGTI's obligations under a $850 million (US$480 million) (2001: $945 million (US$480 million)) Loan Agreement dated 23 September 1996 between MGTI and various lenders.  As a result of agreements with lenders reached in September 1999 the facility is now limited to the debt drawn and outstanding.  The outstanding debt under this facility is currently $175 million (US$99 million) (2001: $214 million (US$109 million)).  Repayments are being made on schedule.  The lenders have no recourse under the pledge to the assets of Telstra Global Limited other than to its shares in MGTI (except in the case of a breach of representation, warranty or covenant by TGL).  
In February 2001, changes in Indonesian banking regulations required MGTI to cash in currency hedges associated with the loan facility.  These hedges yielded a gain of $75 million (US$38 million), which was applied against the principal of the loan.
Other
**FOXTEL minimum subscriber guarantees**
The Telstra Entity and its partners, News Corporation and Publishing and Broadcasting Limited, and Telstra Media and its partner, Sky Cable, have entered into agreements relating to pay television programming with various parties.  These involve commitments for minimum subscriber fees.  Due to joint and several liability under the agreements, if News Corporation, Publishing and Broadcasting Limited or Sky Cable fail to meet any of their obligations, the Telstra Entity and Telstra Media would be contingently liable to the extent of those failures.  Refer note 20 for details of minimum subscriber guarantee commitments.
**ASIC deed of cross guarantee**
A list of the companies that are part of our deed of cross guarantee appear in note 23.  Each of these companies (except Telstra Finance Limited) guarantees the payment in full of the debts of the other named companies in the event of their winding up.  Refer to note 23 for further information.22. Superannuation commitments
The employee superannuation schemes that we participate in or sponsor exist to provide benefits for our employees and their dependants after finishing employment with us.  It is our policy to contribute to the schemes at rates specified in the governing rules for accumulation schemes or at rates determined by the actuaries for defined benefit schemes.
Commonwealth Superannuation Scheme (CSS) and the Telstra Superannuation Scheme (Telstra Super or TSS) 
Before 1 July 1990, eligible employees of the Telstra Entity were members of the Commonwealth Superannuation Scheme (CSS).  The CSS is a defined benefit scheme for Commonwealth Public Sector employees.  Under the CSS, we are responsible for funding all employer financed benefits that arise from 1 July 1975 for employees who are CSS members.  For the CSS, employer contributions by us and other employers that participate in the CSS are paid to the Commonwealth Consolidated Revenue Fund.  Employee contributions to the CSS are separately managed.
On 1 July 1990, the Telstra Superannuation Scheme (Telstra Super) was established.  Telstra Super has both defined benefit and accumulation divisions.  A majority of our CSS members transferred to Telstra Super when it was first established.  As CSS members transferred, the liability for benefits for their past service was transferred to Telstra Super, and a transfer of assets was payable from the CSS to Telstra Super (deferred transfer values).   
The benefits received by members of each defined benefit scheme take into account factors such as the employee's length of service, final average salary, employer and employee contributions.
As at 30 June 2000, S J Schubert FIAA completed an actuarial investigation of Telstra's obligations of the CSS and K O'Sullivan FIAA completed an actuarial investigation of the two defined benefit divisions of Telstra Super.
As per the recommendations within the previous actuarial investigation completed as at 30 June 1997, we ceased making employer contributions to the defined benefit divisions of Telstra Super other than the additional contributions under the arrangement which is further described below.  The actuarial investigation of Telstra Super as at 30 June 2000 reported that a surplus continued to exist.  As a result, it was recommended that we continue on a contribution holiday until 30 June 2004, by which time the next actuarial investigation as at 30 June 2003 will be complete.  This contribution holiday includes the contributions otherwise payable to the accumulation divisions of Telstra Super.  
In June 1999, the Minister for Finance and Administration signed a document which allowed the CSS surplus at the time ($1,428 million) to be transferred to Telstra Super over a 40 year period.  Any CSS surplus amounts transferred from the CSS to Telstra Super are taxed at the rate of 15%.  The CSS actuarial investigation as at 30 June 2000 was conducted during fiscal 2001.  The Department of Finance and Administration is currently considering the results of the actuarial investigation.  Based on the results of the CSS actuarial investigation, our actuary has recommended that the schedule to transfer the residual notional fund surplus be reviewed to take into account the revised surplus position.
The CSS investigation by the actuary also recommended that we continue to make no employer contributions to the CSS.  We will review our contribution rate for both Telstra Super and the CSS at the next actuarial reviews, both of which are due to be completed by 30 June 2004 with an effective date of 30 June 2003.  
Prior to 29 August 2000, we had an ongoing arrangement to pay an additional $121 million each year to Telstra Super over 16 years ending 30 June 2011.  This contribution commitment was independent of the contribution holiday advised by our actuary.
On 29 August 2000, the trustee of Telstra Super and the Commonwealth (who guaranteed our payments) released us from our obligation to make these additional contributions.  As part of the terms of the release, we have agreed to provide such future employer payments to Telstra Super as may be required to maintain the vested benefits index (VBI - the ratio of fund assets to members' vested benefits) of the defined benefit divisions of Telstra Super in the range of 100-110%. 
The trustee of Telstra Super agreed to the release of the obligation based on actuarial advice that the removal of these additional contributions, coupled with Telstra's contribution commitment, will maintain the solvency level of Telstra Super at a satisfactory level (refer to note 3 for the financial effect of the removal of this obligation).  The VBI of the defined benefit divisions was approximately 129% as at 30 June 2002 (145% at 30 June 2001). 
At 30 June 2001, our controlled entity Pacific Access Pty Ltd contributed to a superannuation scheme with both accumulation and defined benefit divisions.  The Pacific Access Superannuation Scheme (PA Scheme) was transferred to Telstra Super on 1 July 2001.  From 19 August 2002, Pacific Access Pty Ltd is known as Sensis Pty Ltd.
 Other superannuation schemes
Our controlled entity, Hong Kong CSL Limited (HK CSL), participates in a superannuation scheme. We acquired a 60% controlling interest in Joint Venture (Bermuda) No 2 Limited and its controlled entities, including HK CSL, on 7 February 2001.  We acquired full ownership of HK CSL on 28 June 2002 (refer note 23).
This HK CSL Scheme is established under trust and is administered by an independent trustee.  At 30 June 2002, the scheme is in the name of PCCW-HKT Limited, which is HK CSL's previous immediate parent.  The scheme is defined benefit in nature whereby benefits are based on the employees remuneration and length of service.
Financial position
The financial position of the defined benefit divisions of Telstra Super, and our Notional Fund in the CSS, HK CSL Scheme and the former PA Scheme is shown as follows:
******Net scheme assetsAccrued benefitsNet surplus (a)Vested benefitsAs at 30 JuneAs at 30 JuneAs at 30 JuneAs at 30 June20022001200220012002200120022001$m$m$m$m$m$m$m$mTelstra Super (i)	4,8045,3753,0783,0501,7262,3253,7343,715CSS (ii)	7,4797,4793,8653,8653,6143,6144,0914,091PA Scheme (iii)	-39-38-1-37HK CSL Scheme	73697366-3736612,35612,9627,0167,0195,3405,9437,8987,909Less 85% residual notional fund surplus (i)	(1,195)(1,330)--(1,195)(1,330)--Total	11,16111,6327,0167,0194,1454,6137,8987,909
(a) Net surplus is the excess of net scheme assets over accrued benefits.
(i) Amounts for the defined benefit divisions of Telstra Super have been taken from the audited financial report of the scheme as at 30 June 2002.  Telstra Super amounts as at 30 June 2001 have been taken from the audited financial report of the scheme as at 30 June 2001.  The scheme assets are stated at net market values.  
Telstra Super net scheme assets include the carrying value of the CSS residual notional fund surplus as at 30 June 2002 of $1,406 million (2001: $1,565 million).  The CSS residual notional fund surplus balance represents the revised surplus position recognised as receivable by Telstra Super.  As any amounts transferred from the CSS to Telstra Super are taxed at the rate of 15%, the adjustment in the table represents 85% of the residual notional fund surplus which should be reduced from net scheme assets and net surplus to eliminate the recognition of the CSS surplus by Telstra Super.
(ii) The CSS amounts show our share of the benefit liability in respect to past service of our employees and former employees who are members of the CSS.  The CSS amounts for both 30 June 2002 and 30 June 2001 are based on notional amounts shown in the actuarial valuation dated 30 June 2000, subject to the following:-  deferred transfer values of $2,142 million have been excluded from the CSS net scheme assets, accrued benefits and vested benefits as Telstra Super is responsible for CSS members transferred to Telstra Super.  Amounts for deferred transfer values have been recognised by Telstra Super;  the net surplus of $3,614 million excludes $694 million related to the present value of future service liabilities.  By including the $694 million, the surplus of notional assets over total liabilities for the CSS is $2,920 million; andit has been recommended that the surplus of $2,920 million, less superannuation contributions tax at the rate of 15%, be transferred to Telstra Super as previously described in this note.  This amount is yet to be approved by the Department of Finance and Administration and may be subject to change. 
(iii) At 1 July 2001, the entire PA Scheme was transferred to Telstra Super.  Amounts for the defined benefit divisions of the PA Scheme have been included in the financial report of Telstra Super as at 30 June 2002.  As at 30 June 2001, amounts for the PA Scheme included both defined benefits and accumulation benefits measured as at 30 June 2001.
**Employer contributions**
Employer contributions made to:-  the defined benefits divisions of Telstra Super were $nil for the past three fiscal years;    the CSS were $nil for the past three fiscal years;the defined benefit divisions of the Hong Kong CSL Limited scheme for fiscal 2002 were $7 million (2001: $3 million from date of acquisition); and
-  the accumulation divisions of Telstra Super (including the PA Scheme) for fiscal 2002 were $6 million (2001: $8 million; 2000: $6 million), including voluntary salary sacrifice contributions made at the discretion of the employee of $1 million (2001: $2 million; 2000: $1 million).   Telstra Super additional contributions during fiscal 2002 were $nil (2001: $nil; 2000: $121 million).  As described in this note, the Trustee of Telstra Super and the Commonwealth  released us from our obligation to make these additional contributions.  Contributions in fiscal 2000 included $89 million recorded in borrowing cost expenses, with $32 million reducing the amount payable.23. Investments in controlled entities
Below is a list of our investments in controlled entities.
Name of entityCountry ofincorporationTelstra Entity's recorded amount of investment (a)% of equity held by immediate parentAs at 30 JuneAs at 30 June2002200120022001$m$m%%Parent entityTelstra Corporation Limited (1) (14)	AustraliaControlled entitiesTelecommunications Equipment Finance Pty Ltd (5) *	Australia- -   - -   Telstra Finance Limited (1) (4)	Australia- -   100.0 100.0 Telstra Corporate Services Pty Ltd *	Australia66100.0100.0Transport Communications Australia Pty Ltd *	Australia4 4 100.0 100.0 Telstra ESOP Trustee Pty Ltd (4) (7) *	Australia- -   100.0 100.0 Telstra Growthshare Pty Ltd (4) (7) *	Australia--100.0100.0On Australia Pty Ltd (1) (14)	Australia11 11 100.0 100.0 Telstra Media Pty Ltd (1)	Australia347311100.0 100.0 Telstra Multimedia Pty Ltd (1) 	Australia1,7201,720100.0 100.0 Telstra International Limited (1) 	Australia84 84 100.0 100.0 Telstra OnAir Holdings Pty Ltd *	Australia302302100.0100.0 Telstra OnAir Infrastructure Holdings Pty Ltd *	Australia--100.0100.0 Telstra 3G Spectrum Holdings Pty Ltd *	Australia--100.0100.0Telstra New Wave Pty Ltd (formerly Telstra R&D Management Pty Ltd) (1) (16)	Australia1 1 100.0 100.0  Hypertokens Pty Ltd (11) *	Australia--100.0-Telstra Holdings Pty Ltd (1) (14)	Australia5,810 4,015100.0 100.0  Beijing Australia Telecommunications Technical   Consulting Services Company Limited (9) (10) (11)	China--100.0- Telstra Holdings (Bermuda) No 2 Limited (10) 	Bermuda--100.0100.0 Joint Venture (Bermuda) No. 2 Limited (10) (12)	Bermuda--100.060.0 Bestclass Holdings Ltd (10)	British Virgin Islands--100.0100.0 Hong Kong CSL Limited (10)	Hong Kong--100.0100.0 Integrated Business Systems Limited (10)	Hong Kong--100.0100.0 One2Free Personalcom Limited  (10)	Hong Kong--100.0100.0 CSL Limited  (10)	Hong Kong--100.0100.0  RWC, HK Limted (10) (11)	Hong Kong--100.0- Telstra Holdings (Bermuda) No 1 Limited (10) 	Bermuda--100.0100.0 Telstra International HK Limited (formerly Telstra Retail (HK) Limited (10) (16)	Hong Kong--100.0100.0 Telstra IDC Holdings Limited (10) 	Bermuda--100.0100.0 Telstra Japan Retail K.K. (10)	Japan--100.0100.0 Telstra Wholesale Inc. (10)	United States--100.0100.0 Mobitel (Pvt) Limited (10)	Sri Lanka- -   60.0 60.0  Telstra New Zealand Limited (3) (10)	New Zealand- -   100.0100.0 Telstra Limited (10)	New Zealand- -   100.0 100.0  Telstra Global Limited (10) (14)	United Kingdom- -   100.0 100.0  Telstra Europe Limited (10)	United Kingdom--100.0100.0 PT Telstra Nusantara (10)	Indonesia- -   100.0 100.0  Telstra Inc. (10) (14)	United States- -   100.0 100.0 
******Name of entityCountry ofincorporationTelstra Entity's recorded amount of investment (a)% of equity held by immediate parentAs at 30 JuneAs at 30 June2002200120022001$m$m%%Controlled entities (continued) North Point Telecommunications Inc. (10) (14)	United States---100.0 Telstra eConnect LLC (3) (10)	United States---100.0 Telstra Wholesale Trading Inc. (10) (14)	United States---100.0 Telstra Vishesh Communications Private Limited  (10) (14)	India--   - 47.1  Telstra South Asia Holdings Limited (3) (10)	Mauritius- -   100.0 100.0  Telstra India Private Limited (10)	India- -   100.0 100.0  TelstraClear Limited (formerly TelstraSaturn Limited) (10) (13) (14)	New Zealand- -   58.450.0  Saturn Communications Limited (10) (13)	New Zealand--100.0- Paradise.Net Limited (10) (13)	New Zealand--100.0- Kiwi Cable Company Limited (10) (13)	New Zealand--100.0- Netlink Limited (10) (13)	New Zealand--100.0- TelstraSaturn Holdings Limited (10) (13)	New Zealand--100.0- CLEAR Communications Limited  (10) (13) (14)	New Zealand--100.0- CLEAR Communications (Australia) Pty 	Limited (10) (13) (14)	Australia--100.0- ZFREE Limited (10) (13) (14)	New Zealand--100.0- ZTALK Limited (10) (13) (14)	New Zealand--100.0- Telstra Communications Limited (1)	Australia29 29 100.0 100.0  Telecom Australia (Saudi) Company Limited (3) (6) (9) (10)	Saudi Arabia- -   50.0 50.0 Telstra Rewards Pty Ltd (4) *	Australia14 -   100.0 100.0  Telstra Visa Card Trust (3)	Australia- -   100.0 100.0  Qantas Telstra Card Trust (3)	Australia- -   100.0 100.0  Telstra Visa Business Card Trust (3)	Australia--100.0100.0Telstra Media Holdings Pty Ltd (1)	Australia2929100.0 100.0  Telstra Enterprise Services Pty Ltd (formerly Advantra Pty Ltd) (1) (16)	Australia--100.0100.0 Telstra Pay TV Pty Ltd  (formerly Telstra Datacasting Pty Ltd) (1) (16)		Australia--100.0100.0Telstra CB Holdings Limited (1)	Australia898898100.0 100.0  Telstra CB.net Limited (1)	Australia--100.0100.0 Telstra CB.Com Limited (1)	Australia--100.0100.0 Telstra CB.fs Limited (1)	Australia--100.0100.0 Keycorp Limited (2) Australia--47.950.8 Technical Parts & Services Pty Ltd (2)	Australia---100.0 Keycorp Solutions Limited (2)	Australia---100.0 Electronic Financial Technologies Pty Ltd (2) *	Australia---100.0 Sparad (No. 31) Pty Ltd (2) *	Australia---100.0 Keytec (No. 2) Pty Ltd (2)Australia---100.0 Budbade Pty Ltd (2)		Australia---100.0 Keytec Pty Ltd (2)	Australia---100.0 Keycorp USA Limited (2) (10)	United States---100.0
Name of entityCountry ofincorporationTelstra Entity's recorded amount of investment (a)% of equity held by immediate parentAs at 30 JuneAs at 30 June2002200120022001$m$m%%Controlled entities (continued) Tillsmith Systems, INC. (2) (10)United States---100.0 Keycorp Investments Pty Ltd (2)Australia---100.0 E-Point Pty Ltd (2)Australia---100.0 Keycorp Technologies Pty Ltd (2)Australia---100.0 Nobil I.T. Australia Pty Ltd (2)Australia---100.0 Keycorp (Asia) Pty Ltd (2) (10)Hong Kong---100.0 Nobil Information Technology Corporation Inc (2) (10)Canada---100.0 Nobil IT Canada Corporation (2) (10)Canada---100.0 Tillsmith Systems Inc. (2) (10)Canada---100.0 Keycorp (NZ) Limited (2) (10)New Zealand---100.0Keycorp (NZ) Finance Limited (2) (10)New Zealand---100.0IDL (NZ) Limited (2) (10)New Zealand---100.0 Nobil IT (NZ) Limited(2) (10)New Zealand---100.0 Keycorp Systems Limited(2) (10)United Kingdom---100.0 KYC Pty Ltd(2) *Australia---73.0 Camtech Asia IT & T Sdn Bhd(2) (10)Malaysia---95.0 Camtech R&D Pty Ltd(2)*Australia---100.0 InsNet Pty Ltd (1)Australia--100.0100.0 Australasian Insurance Systems Pty Ltd (1)Australia--100.0100.0 TRC Computer Systems Pty Ltd  (1)Australia--100.0100.0 DBA Limited (1)Australia--100.0100.0 Brokerlink Pty Ltd (1)Australia--81.381.3 DBA Computer Systems Pty Ltd (1)Australia--100.0100.0 Brokerlink Pty Ltd (1)Australia--18.718.7 Unilink Group Pty Ltd (1)Australia--100.0100.0Pacific Access Pty Ltd (1) (16)Australia121121100.0 100.0 CitySearch Australia Pty Ltd (11) *Australia--100.0- CitySearch Canberra Pty Ltd (11) *Australia--100.0- Telstra Retail Pty Ltd  *Australia--100.0 100.0 Telstra Retail Services Pty Ltd  *Australia--100.0 100.0 Pacific Access Enterprises Pty Ltd *Australia- -100.0 100.0 WorldCorp Holdings (S) Pte Ltd (10)Singapore- -100.0 100.0 WorldCorp Publishing Pte Ltd (10)Singapore- -100.0 100.0Network Design and Construction Limited (1) (15)Australia177177100.0 100.0 NDC Global Holdings Pty Ltd (1)Australia--100.0100.0 NDC New Zealand Limited (10)New Zealand--100.0100.0 NDC Telecommunications India Private Limited (10)India--100.0100.0 PT NDC Indonesia (10)Indonesia--95.095.0 NDC Global Philippines, Inc (9) (10)Philippines--100.0100.0 NDC Global Services (Thailand) Limited (10) (11)Thailand--49.049.0 NDC Global Holdings (Thailand) Limited (10) (11)Thailand--90.4- NDC Global Services (Thailand) Limited (10) (11)Thailand--51.0- NDC Global Services Pty Ltd *Australia--100.0100.0Total investment in controlled entities (at cost)note 119,5537,708Provision for reduction in valuenote 11(4,875)(4,442)note 114,6783,266
(a) The amounts recorded are before any provision for reduction in value (refer note 11).
* These entities are Australian small proprietary limited companies which are not required to prepare and lodge individual audited financial reports with the ASIC.
**ASIC deed of cross guarantee**
(1) The following companies have entered into a deed of cross guarantee dated 4 June 1996 (or have been subsequently added to this deed by an assumption deed):-  Telstra Corporation Limited;  Telstra Holdings Pty Ltd; Telstra International Limited; 
-  Telstra Communications Limited;  Telstra New Wave Pty Ltd (formerly Telstra R&D Management Pty Ltd);Telstra Multimedia Pty Ltd; 
-  On Australia Pty Ltd;   Telstra Media Holdings Pty Ltd;Network Design and Construction Limited;
-  Pacific Access Pty Ltd;  Telstra CB Holdings Limited;Telstra CB.net Limited;
-  Telstra CB.Com Limited;  Telstra CB.fs Limited;InsNet Pty Ltd;
-  Australasian Insurance Systems Pty Ltd;  TRC Computer Systems Pty Ltd;DBA Limited;
-  Brokerlink Pty Ltd;  DBA Computer Systems Pty Ltd;Unilink Group Pty Ltd;
-  Telstra Media Pty Ltd;  Telstra Enterprise Services Pty Ltd (formerly Advantra Pty Ltd);Telstra Pay TV Pty Ltd (formerly Telstra Datacasting Pty Ltd) *; and
-  NDC Global Holdings Pty Ltd *.   Telstra Finance Limited is trustee to the deed of cross guarantee.
* These entities were added to the deed of cross guarantee during fiscal 2002 by an assumption deed dated 19 June 2002.
The deed of cross guarantee was formed under ASIC Class Order 98/1418, including subsequent amendments made to this class order.  This class order was dated 13 August 1998 and has been amended by class orders 98/2017, 00/321, 01/1087 and 02/248.  Under this class order and the deed of cross guarantee, the companies listed above, except for Telstra Finance Limited:-  form a closed group and extended closed group as defined in the class order;  do not have to prepare and lodge audited financial reports under the Corporations Act 2001.  This does not apply to Telstra Corporation Limited; andguarantee the payment in full of the debts of the other named companies in the event of their winding up.
The consolidated assets and liabilities of the closed group and extended closed group at 30 June 2002 and 2001 is presented according to ASIC class order 98/1418 (as amended) as follows.  This excludes Telstra Finance Limited.  All significant transactions between members of the closed group have been eliminated.
******Closed Group Statement of Financial Position	Closed GroupAs at 30 June20022001$m$mCurrent assetsCash assets	5281,336Receivables	5,2548,973Inventories	196281Other assets	1,244801Total current assets	7,22211,391Non current assetsReceivables	7251,776Inventories	98Investments - accounted for using the equity method	80189Investments - other	3,8381,705Property, plant and equipment	22,16622,256Future income tax benefit	131113Intangible assets	376477Other assets	2,1972,096Total non current assets	29,52228,620Total assets36,74440,011Current liabilitiesPayables	2,1852,316Interest-bearing liabilities	1,6245,854Income tax payable	596611Provisions	1,8792,016Revenue received in advance	1,2411,369Total current liabilities	7,52512,166Non current liabilitiesPayables	127120Interest-bearing liabilities	11,84511,365Income tax payable	-91Deferred income tax	1,9171,490Provisions	823846Revenue received in advance	438456Total non current liabilities	15,15014,368Total liabilities22,67526,534Net assets14,06913,477Shareholders' equityContributed equity	6,4336,433Reserves	1326Retained profits	7,6237,018Shareholders' equity available to the closed group14,06913,477
The consolidated net profit of the Closed Group and Extended Closed Group for the fiscal years ended 30 June 2002 and 2001 is presented according to ASIC class order 98/1418 (as amended) as below.  This excludes Telstra Finance Limited.  All significant transactions between members of the Closed Group have been eliminated. 
******Closed Group Statement of Financial Performance and Retained Profits reconciliation	Closed GroupYear ended 30 June20022001$m$mOrdinary activitiesProfit before income tax expense4,9736,462Income tax expense	1,7632,185Net profit available to the closed group3,2104,277Retained profits at the beginning of the financial yearavailable to the closed group	7,0185,186Transfer out of the closed group (1) (a)	225-Total available for distribution10,4539,463Dividends provided for or paid	2,8302,445Retained profits at the end of the financial year available to the closed group7,6237,018
(1) (a) The consolidated assets and liabilities of the closed group includes closed group members'equity accounted investments and investments in controlled entities that are not members of the closed group.  Investments in controlled entities which are not part of the closed group are recorded at cost less provision for diminution and are not consolidated as part of this group.  
On 12 December 2001, we acquired a further 8.4% shareholding in TelstraClear Limited (TelstraClear) (previously TelstraSaturn Limited) giving us a 58.4% controlling interest.  Prior to 12 December 2001, TelstraClear was a joint venture entity and included as an equity accounted investment in the closed group.  The current year net profit available to the closed group includes year to date equity accounted losses for TelstraClear of $75 million for the period 1 July 2001 to 12 December 2001.
The transfer out of retained profits in fiscal 2002 of $225 million represents accumulated equity accounted retained losses as at 12 December 2001.  From this date, the investment is no longer equity accounted and is included in the closed group at cost less provision for diminution.
(2) We signed a deed poll effective 28 June 2002, whereby we have given up our rights to appoint a majority of the directors to the board of Keycorp Limited (Keycorp).  Accordingly, we no longer have the capacity to control this entity.  We have deconsolidated the Keycorp group as at 28 June 2002 and have reclassified our investment from a controlled entity to an associated entity on the basis that we have the capacity to significantly influence Keycorp's operating and financial policies.
**Liquidations**
(3) As at 30 June 2002, the following companies were in voluntary liquidation: -  Telecom Australia (Saudi) Company Ltd; and  Telstra New Zealand Limited.
The following companies were liquidated during fiscal 2002:-  Telstra eConnect LLC on 19 December 2001; and  Telstra South Asia Holdings Limited on 18 June 2002.
During fiscal 2002, we entered into arrangements to transfer responsibility for the operation and funding of the Telstra Visa Card, the Qantas Telstra Visa Card and the Telstra Visa Business Card loyalty programs and related trusts from Telstra.  Telstra's involvement with these trusts will be dissolved during fiscal 2003.
**Rounded investments**
(4) The cost of the Telstra Entity's investments in controlled entities, which is not shown when rounded to the nearest million dollars is as follows:
******As at 30 June20022001$$Telstra Rewards Pty Ltd		# 2 Telstra Finance Limited	5 5 Telstra ESOP Trustee Pty Ltd	2 2 Telstra Growthshare Pty Ltd	1 1
# Investment greater than $1 million as at 30 June 2002.
**Controlled entities with no equity ownership**
(5) We do not have an equity investment in Telecommunications Equipment Finance Pty Ltd.  As we have effective control over this entity through economic dependency we have consolidated it into the group financial report.  This company does not have any significant assets or liabilities.
**Controlled entities with equity ownership less than or equal to 50%**
(6) We own 50% of the issued capital of Telecom Australia (Saudi) Company Limited.  We can exercise control over the board of directors of this entity in perpetuity, and therefore we have consolidated the financial results, position and cash flows into our financial report.
**Trusts which are not consolidated**
(7) We own 100% of the equity of Telstra ESOP Trustee Pty Ltd, the corporate trustee for the Telstra Employee Share Ownership Plan Trust (TESOP 97) and Telstra Employee Share Ownership Plan Trust II (TESOP 99).  We do not control or significantly influence the trusts as beneficial ownership and control remains with the employees who participate in the share plans administered by the trustee on their behalf. 
We own 100% of the equity of Telstra Growthshare Pty Ltd, the corporate trustee for the Telstra Growthshare Trust.  We do not control or significantly influence the trust as beneficial ownership and control remains with the executives who participate in the share plans administered by the trustee on their behalf.
For the reasons mentioned above we have not consolidated any of these trusts.
**Entities where we own greater than 50% equity but do not classify as controlled**
(8) We own 100% of the equity of Telstra Super Pty Ltd, the trustee for the Telstra Superannuation Scheme (Telstra Super or TSS).  We do not consolidate Telstra Super Pty Ltd, as we do not control the board of directors.  The board has equal representation of employee representatives, and is therefore classified as an associated entity as we have significant influence over Telstra Super Pty Ltd (refer note 24).
**Controlled entities with different balance dates**
(9) The following companies have different balance dates to our balance date of 30 June for fiscal 2002:-  Telecom Australia (Saudi) Company Limited - 31 December;  Beijing Australia Telecommunications Technical Consulting Services Company Limited - 31 December; andNDC Global Philippines, Inc - 31 December.
Financial reports prepared as at 30 June are used for consolidation purposes.
**Controlled entities not individually audited by the Australian National Audit Office**
(10) Companies not audited by the Australian National Audit Office, our Australian statutory auditor.
**New incorporations and investments**
(11) We have invested in or incorporated the following entities during fiscal 2002:-  RWC, HK Limited on 17 August 2001;  Hypertokens Pty Ltd on 11 April 2002;Beijing Australia Telecommunications Technical Consulting Services Company Limited on 25 January 2002;
-  NDC Global Holdings (Thailand) Limited on 19 July 2001;  CitySearch Australia Pty Ltd on 23 May 2002; andCitySearch Canberra Pty Ltd on 23 May 2002.
We also acquired an additional 51% interest in NDC Global Services (Thailand) Limited on 27 July 2001.  We controlled this entity prior to this acquisition.
The amounts initially invested were not significant.
(12) On 28 June 2002, PCCW redeemed in full the US$750 million 2007 convertible note held by us.  We valued this note on a yield to maturity basis and adjusted the value in our accounts accordingly.  At 28 June 2002, this note was valued at $1,329 million.  
The fair value of the redemption was applied to acquire PCCW's 40% interest in Joint Venture (Bermuda) No 2 Limited (known as Regional Wireless Company or RWC) and to subscribe for a new US$190 million (A$337 million) mandatorily converting secured note issued by PCCW.  As a result of the above transactions we now own 100% of RWC.  The fair value of the acquisition for the additional 40% investment in RWC was $992 million.  Refer note 13 for additional information on goodwill acquired.
(13) On 12 December 2001, we acquired a further 8.4% shareholding in TelstraClear Limited for $40 million giving us a 58.4% controlling interest.  This coincided with a change in name from TelstraSaturn Limited to TelstraClear Limited.  Prior to this date TelstraSaturn Limited was a joint venture entity and equity accounted.  
Our investment in TelstraClear Limited includes its controlled entities as listed below:-  Saturn Communications Limited;  Paradise.Net Limited;Kiwi Cable Company Limited;
-  Netlink Limited;  TelstraSaturn Holdings Limited;CLEAR Communications Limited;
-  CLEAR Communications (Australia) Pty Limited;  ZFREE Limited; andZTALK Limited;
Within a period of 15 months from 12 December 2001, the minority shareholder is entitled to acquire that part of our shareholding that would return the ownership structure of TelstraClear to its previous 50% owned joint venture structure.  The price for these shares would be a defined premium to market value.
In addition to this, the minority shareholder also holds a put option under which they are entitled to sell their entire shareholding in TelstraClear to us at a strike price based on the market value of the shares at the time of exercise of the option.  This option is only exercisable after 30 June 2004, for a specified period of time.  We hold a corresponding call option over the minority shareholder's interest in TelstraClear, under which we are entitled to acquire their shareholding under the same terms as the put option held by them.  Should either of these options be exercised, we would hold a 100% ownership interest in TelstraClear.
**Sales and mergers**
(14) The following entities were sold or merged during fiscal 2002:-  On 19 December 2001, North Point Telecommunications merged with Telstra Inc.;  On 31 March 2002, shares in Telstra Wholesale Trading Inc. were transferred to Reach Ltd (Reach).  Economic benefits in Telstra Wholesale Trading Inc. were attributed to Reach during fiscal 2001 and up until 31 March 2002 as part of the original sale of our global wholesale business in the prior year; andOn 13 May 2002, as part of an exit strategy, we sold our ordinary shares in Telstra Vishesh Communications Private Limited and acquired non voting preference shares for $11 million on the same date.  Accordingly, this entity is no longer a controlled entity and is recorded as an investment in other corporations.  It is expected that the preference shares will be sold during fiscal 2003. 
The following entities were sold between entities within the Telstra group:-  The following entities were sold by CLEAR Communications Limited to TelstraClear Limited on 30 June 2002:    -  ZFREE Limited;  ZTALK Limited; andCLEAR Communications (Australia) Pty Ltd.
-  On 30 November 2001, On Australia Pty Ltd sold its business to Telstra Corporation Limited.  From this date the company is dormant.  On 30 June 2002, Telstra Global Limited sold its investment in Telstra Inc. to Telstra Holdings Pty Ltd.
**Dividends received by the Telstra Entity**
(15) Dividends were received by the Telstra Entity during fiscal 2002 from the following entities:-  Network Design and Construction Limited $nil  (2001: $23.3 million); and  Advanced Network Management Pty Ltd $nil (2001: $0.2 million).
**Change of company names**
(16) The following entities changed names during fiscal 2002:-  Telstra Datacasting Pty Limited changed its name to Telstra Pay TV Pty Ltd on 4 April 2002;  Telstra R&D Management Pty Ltd changed its name to Telstra New Wave Pty Ltd on 22 August 2001;Advantra Pty Ltd changed its name to Telstra Enterprise Services Pty Limited on 29 August 2001; and
-  Telstra Retail (HK) Limited changed its name to Telstra International HK Limited on 9 November 2001.   On 19 August, 2002, Pacific Access changed its name to Sensis Pty Ltd.24. Investments in joint venture entities and associated entities
**Our investments in joint venture entities are listed below:**
******Name of joint venturePrincipalOwnershipTelstra Group's recordedTelstra Entity's recordedentityactivitiesinterestamount of investment (*)amount of investment (*)As at 30 JuneAs at 30 JuneAs at 30 June200220012002200120022001%%$m$m** |
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