Australia's lower house of the parliament on Thursday approved the full privatization of Australia 's largest telecommunication company Telstra.

Despite two of MPs of the ruling coalition (the Nationals Party and the Liberal Party) sided with the opposition which opposed the sale, the House of Representatives voted in favor of the sale plan 75 to 58.

The government made the decision to sell of its remaining 51.8 percent share worth 30 billion Australian dollars (22.8 billion US dollars) last month. Thursday's vote followed the approval of the Senate on Wednesday after the upper house voted for the sale 37 to 35.

Australian Prime Minister John Howard has welcomed the result, saying public confidence in the company, which has slipped along with its share price in recent weeks, would return.

"I believe that once the legislation has gone through and everything settles down, there will be an air of normalcy returning," he told reporters in New York.

"People will see the inherent strengths of the company and they will understand the value of the guarantees that have been put in place," he said.

Source: Xinhua