TELSTRA GROUP LIMITED — Director's Dealing 2007

Feb 27, 2007

28 February 2007

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 Director's interest Notice

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

The change to the Director's indirect holdings in Telstra Growthshare Pty Ltd as trustee for the Telstra DirectShare Plan represent an allocation of Telstra Shares to Directors on 23 February 2007 under the DirectShare Plan.

Yours sincerely

Tomate braking

Douglas Gration Company Secretary

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	GEOFFREY COUSINS
Date of last notice	17 NOVEMBER 2006

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	23 FEBRUARY 2007
No. of securities held prior to change	DIRECT-NIL
	INDIRECT - NIL
Class	ORDINARY
Number acquired	1,747 (FPO)
Number disposed	NII.
Value/Consideration	\$7,827
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT - NIL
	$INDIRECT - 1,747 (FPO)$
Nature of change	ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	UNDER THE DIRECTSHARE PLAN.

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	BELINDA HUTCHINSON
Date of last notice	24 NOVEMBER 2006

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	ALLOCATION OF SHARES TO TELSTRA GROWTHSHARE PTY LIMITED ATF TELSTRA DIRECTSHARE PLAN.
relevant interest.
Date of change	23 FEBRUARY 2007
No. of securities held prior to change	DIRECT $-38,912$ (FPO) INDIRECT - 40,426 (FPO) & 155,000 (IR)
Class	ORDINARY
Number acquired	4.095 (FPO)
Number disposed	NIL
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$18,346
No. of securities held after change	DIRECT - 38,912 (FPO) INDIRECT - 44,521 (FPO) & 155,000 (IR)
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	ALLOCATION OF TELSTRA SHARES UNDER THE DIRECTSHARE PLAN.

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	CATHERINE LIVINGSTONE
Date of last notice	24 NOVEMBER 2006

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	23 FEBRUARY 2007
No. of securities held prior to change	DIRECT $-11,637$ (FPO) & 10,000 (IR) INDIRECT - 27,800 (FPO) & 10,000 (IR)
Class	ORDINARY
Number acquired	4,256 (FPO)
Number disposed	NIL
Value/Consideration	\$19,067
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT $-11,637$ (FPO) & 10,000 (IR) INDIRECT - 32,056 (FPO) & 10,000 (IR)
Nature of change	ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	UNDER THE DIRECTSHARE PLAN.

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	CHARLES MACEK
Date of last notice	24 NOVEMBER 2006

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.	ALLOCATION OF SHARES TO TELSTRA GROWTHSHARE PTY LIMITED ATF TELSTRA DIRECTSHARE PLAN.
Date of change	23 FEBRUARY 2007
No. of securities held prior to change	DIRECT-NIL INDIRECT - 53,704 (FPO) & 50,000 (IR)
Class	ORDINARY
Number acquired	4,578 (FPO)
Number disposed	NIL.
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$20,509
No. of securities held after change	DIRECT-NIL INDIRECT - 58,282 (FPO) & 50,000 (IR)
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	ALLOCATION OF TELSTRA SHARES UNDER THE DIRECTSHARE PLAN.

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	24 NOVEMBER 2006

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	23 FEBRUARY 2007
No. of securities held prior to change	DIRECT - 1,866 (FPO) & 27,800 (IR) INDIRECT - 68,278 (FPO) & 3,000 (IR)
Class	ORDINARY
Number acquired	11.388 (FPO)
Number disposed	NIL
Value/Consideration	\$51,018
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT $-1,866$ (FPO) & 27,800 (IR) INDIRECT - 79,666 (FPO) & 3,000 (IR)
Nature of change	ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	UNDER THE DIRECTSHARE PLAN.

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	JOHN STOCKER
Date of last notice	24 NOVEMBER 2006

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	23 FEBRUARY 2007
No. of securities held prior to change	DIRECT - 2,953 (FPO)
	INDIRECT - 99,985 (FPO) & 24,150 (IR)
Class	ORDINARY
Number acquired	5,061 (FPO)
Number disposed	NII.
Value/Consideration	\$22,673
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT $-2,953$ (FPO)
	INDIRECT - 105,046 (FPO) & 24,150 (IR)
Nature of change	ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	UNDER THE DIRECTSHARE PLAN.

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	PETER WILLCOX
Date of last notice	24 NOVEMBER 2006

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	23 FEBRUARY 2007
No. of securities held prior to change	DIRECT-NIL
	INDIRECT - 31,897 (FPO) & 12,500 (IR)
Class	ORDINARY
Number acquired	3,626 (FPO)
Number disposed	NII.
Value/Consideration	\$16,244
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT - NIL
	INDIRECT - 35,523 (FPO) & 12,500 (IR)
Nature of change	ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	UNDER THE DIRECTSHARE PLAN.

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	JOHN ZEGLIS
Date of last notice	10 NOVEMBER 2006

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	23 FEBRUARY 2007
No. of securities held prior to change	DIRECT - 16,500 (FPO) INDIRECT - 1,897 (FPO)
Class	ORDINARY
Number acquired	3,458 (FPO)
Number disposed	NIL
Value/Consideration	\$15,492
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	DIRECT - 16,500 (FPO)
	$INDIRECT - 5,355$ (FPO)
Nature of change	ALLOCATION OF TELSTRA SHARES
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	UNDER THE DIRECTSHARE PLAN.