Telecommunications regulation in Australia has long been a topic of intense political, and hence regulatory, attention. The fixed-line incumbent, Telstra Corporation, was corporatised and privatised as a vertically integrated company over the period from 1989 to 2006. Full competition in the telecommunications sector commenced in the late 1990s, and has continued to develop at a gathering pace (particularly in the last five years). However, it has long been thought in some quarters that the continuing vertical integration of Telstra has stifled development of effective competition. The result, historically, has been the imposition of extensive regulatory obligations.