This study analyses the impact of developments around market openings in Australian telecom services trade on Global Value Chains. We attempt to quantify the potential impacts of telecom services liberalisation using the GTAP CGE model. The estimated impacts on GVCs growth are slight, because communications account for only a small share of costs across most industries, with the possible exception of recreation, health and education. GVCs involving Australia are small, apart from final stages, and this appears due more to non-telecom services factors like trade and investment constraints such as anti-dumping actions, country of origin labelling, cross-border and other constraints on services. However, telecom services liberalisation may lift productivity across the whole economy, resulting in more significant gains.