With all the talk about Barnaby Joyce and the sale of Telstra I am reminded of the Natural Heritage Trust – established from the sale of T1. And this is what John Anderson said in the Australian Parliament on 19th June 1996:
This Bill will establish the Trust and provide for it to be known as the “Natural Heritage Trust of Australia Reserve”. The initial capital of one billion dollars to be invested in the Trust will come from the proceeds of the partial sale of Telstra.
In effect, the transfer of funds from the partial sale of Telstra into the Natural Heritage Trust represents a transfer from investment in a telecommunications company to an investment in natural capital. Maintaining and restoring this natural capital is an investment in the well-being of future generations of Australians.
And what has the Natural Heritage Trust achieved for the Australian environment?

Jennifer Marohasy BSc PhD has worked in industry and government. She is currently researching a novel technique for long-range weather forecasting funded by the B. Macfie Family Foundation.