Between 1997 and 2011 the federal government privatised the corporation. The first three stages were initiated by the Liberal–National Coalition's Howard Government: the first, informally known as "T1" (with shares priced at $3. 30), occurred in 1997. "T2" ($7. 40) followed in 1999; "T3" ($3. 60) in 2006. In T1, the government sold one third of its shares in Telstra for A$14 billion and publicly listed the company on the Australian Stock Exchange. In 1998, a further 16% of Telstra shares were sold to the public, leaving the Australian government with 51% ownership. In 2006, T3 was announced by the government and was the largest of the three public releases, reducing the government's ownership of Telstra to 17%. The 17% remainder of Telstra was placed in Australia's Future Fund, a sovereign wealth fund established mainly to meet future liabilities for payment of superannuation to retired federal public servants. In 2009, the Future Fund sold off another $2. 4 billion worth of shares, reducing the government's stake in Telstra to 10. 9%. In August 2011, under Labor's Gillard Government, the Future Fund sold its remaining "above market weight" Telstra shares, effectively completing Telstra's privatisation.