ASX:TPM

Telstra Shares Trade Higher as $1.25 Billion Buyback Wraps Up, Investors Focus on Week Ahead
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Australia’s A$7.32 Billion Spectrum Sale Raises Questions for Phone Bills

Australia’s communications regulator set a preferred A$7.32 billion price for renewing key mobile and fixed-wireless spectrum licences, rejecting calls from Telstra, Optus and TPG Telecom for lower fees. The first renewal application period opens June 18 for the 850 MHz and 1800 MHz bands. Telstra and TPG warned of higher costs for consumers, while the regulator said the price reflects market rates.
May 20, 2026

Stock Market Today

  • Gina Rinehart Emerges as Financial Backer of Bruce McWilliam's Major Stake in Southern Cross Media
    May 26, 2026, 9:33 PM EDT. Gina Rinehart, Australia's richest person and mining magnate, is the financial backer behind Bruce McWilliam's near-10% stake in Southern Cross Media, owner of the Seven Network and Triple M. Documents filed with the ASX show most of McWilliam's shares were financed by a company linked to Rinehart's Hancock Prospecting, positioning her as a substantial shareholder with potential control. The media company, valued at $278 million, recently merged and is expected to soon change its name to reflect Seven's influence. This development fuels speculation about a possible takeover bid by Rinehart, who has a history of seeking control in Australian media assets. Meanwhile, McWilliam's stake is unrelated to billionaire Kerry Stokes, who remains a 20% shareholder.