The Federal Communications minister says Telstra may be the next company allowed take a bigger share of foreign investment.

With the Federal Government recently tabling its planned changes to the Qantas Sale Act, it appears the other big national company with similar foreign investment restrictions may be opened up next.

Fairfax Media outlets are reporting that Communications Minister Malcolm Turnbull believes changes can be made before the end of the year.

Telstra chief executive David Thodey has allegedly given an inkling of support for the move, though he has admitted it is not currently on the horizon.

Telstra’s current stipulations mean foreign companies cannot own more than 35 per cent of its shares, and no single investor can hold more than 5 per cent.

At the moment, about 21 per cent of Telstra shares are controlled by overseas interests.

Mr Turnbull told the Australian Financial Review this week that unlike Qantas, Telstra has not demanded changes be made, but the government will review its restrictions anyway as part of the ongoing push to reduce regulations.

“We are always sympathetic to calls for less regulation and that is our bent,” Turnbull said.

“How do we translate that into concrete policy? Well, that’s where we’ve got to take the principle and put it through the government process before we can come to a decision.”

“We’re moving on this because the deregulation of telecommunications is a big one and we’re hoping to get to a position on most of this by the end of the year.”

Mr Turnbull said he did not know what shape the party’s opinion would take, but the idea will be raised in coming months.

Telstra in the meantime has seen a few changes in its top jobs, with digital media chief Rick Ellis reportedly leaving after having most of his portfolio given away with the sale of Telstra subsidiary Sensis.