TELSTRA GROUP LIMITED — Director's Dealing 2004

Nov 24, 2004

25 November 2004

The Manager

Company Announcements Office Australian Stock Exchange
4^th Floor, 20 Bridge Street SYDNEY NSW 2000

Office of the Company Secretary

Level 41 242 Exhibition Street MELBOURNE VIC 3000 AUSTRALIA

Telephone 03 9634 6400 Facsimile 03 9632 3215

ELECTRONIC LODGEMENT

Dear Sir or Madam

Appendix 3Y - Change in Directors' Interest Notice

In accordance with the listing rules, I attach an announcement for release to the market.

Yours sincerely

Pourth brake

Douglas Gration Company Secretary

Telstra Corporation Limited ACN 051 775 556 ABN 33 051 775 556

Appendix 3Y Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity TELSTRA CORPORATION LIMITED

ABN 33 051 775 556

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	ANTHONY CLARK
Date of last notice	26 AUGUST 2004

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Direct or indirect interest	CHANGE TO INDIRECT INTERESTS ONLY
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	PARK AVENUE INVESTMENTS PTY LTD - SUPERANNUATION FUND
Date of change	15 NOVEMBER 2004
No. of securities held prior to change	DIRECT-10,000 INDIRECT - 53,046
Class	ORDINARY
Number acquired	NII.
Number disposed	10,000
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$4.05 PER SHARE
No. of securities held after change	$DIRECT - 10,000$ $INDIRECT - 52,046$
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	PARTICIPATION IN BUY-BACK

Part 2 - Change of director's interests in contracts NIL