MALLESONS STEPHEN JAQUES (LETTERHEAD)

Telstra Corporation Limited                                        18 March 2004
242 Exhibition Street
Melbourne Victoria 3000                                           Greg Hammond
                                                                  Partner
                                                                  Direct Line
                                                                  (02) 9296 2487

Dear Sirs


TELSTRA CORPORATION LIMITED
REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933 ("ACT") OF US$500,000,000
PRINCIPAL AMOUNT OF DEBT SECURITIES ("SECURITIES")

We refer to the Registration Statement on Form F-3 dated 18 March 2004
("REGISTRATION STATEMENT") in respect of which we have acted as your legal
advisers in the Australian Capital Territory and the Commonwealth of Australia.

The statements contained under the heading "Taxation - Australian Taxation" in
the Registration Statement (other than the paragraph beginning with the phrase
"As set out in more detail in `Description of the Debt Securities We May Offer -
Payment of Additional Amounts' in this prospectus") concerning the principal
Australian taxation consequences generally applicable to a holder of the
Securities who is a resident of the United States and not a resident of
Australia for tax purposes are a fair and accurate summary of the applicable
laws of Australia and its states and territories represent our opinion as to
such matters.

We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the references to us under the headings "Taxation
- - Australian Taxation" and "Validity of Debt Securities" in the Prospectus. In
giving such consent, we do not thereby admit that we are in the category of
persons whose consent is required under section 7 of the Act.

This opinion is given in respect of the laws of Australia and its states and
territories which are in force at 9.00am local time on the date of this letter,
is strictly limited to the matters stated in it, does not apply by implication
to other matters and is given on the basis that it will be construed in
accordance with the laws of the Australian Capital Territory. We express no
opinion about the laws of any other jurisdiction or factual matters.

Yours faithfully

/s/ Mallesons Stephen Jaques


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Level 60 Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Australia   T +61 2 9296 2000
DX 113 Sydney ABN 22 041 424 954 syd@mallesons.com www.mallesons.com       F +61 2 9296 3999
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