TELSTRA GROUP LIMITED — Director's Dealing 2004

May 2, 2004

3 May 2004

The Manager

Company Announcements Office Australian Stock Exchange 10th Floor, 20 Bond 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 of Directors' Interest Notice

Amended Notice for Mr Donald McGauchie

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

The attached Appendix 3Y for Mr McGauchie is being re-lodged to include an additional 1,703 shares not previously disclosed as a result of an administrative error bų Telstra.

Yours sincerely

Pont Graham

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	DONALD MCGAUCHIE
Date of last notice	26 FEBRUARY 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	ALLOCATION OF SHARES TO TELSTRA
(including registered holder)	GROWTHSHARE PTY LIMITED ATF
Note: Provide details of the circumstances giving rise to the relevant interest.	TELSTRA DIRECTSHARE PLAN
Date of change	NOT APPLICABLE
No. of securities held prior to change	DIRECT-NIL
	$INDIRECT - 32,625$
Class	ORDINARY
Number acquired	NOT APPLICABLE
Number disposed	NOT APPLICABLE
Value/Consideration	NOT APPLICABLE
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT-NIL
	$INDIRECT - 34,328$
Nature of change	CORRECTION OF ADMINISTRATIVE
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan. participation in buy-back	ERROR

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