New scam circulating in Australia

Today at work I found a new scam that will trap those not experienced in detecting such nefarious items.

The email that people are receiving is purportedly from Telstra a major communications provider here in Australia; the text of the email is reproduced below:

Dear Customer,

This e-mail has been sent to you by Telstra to inform you that we were
unable to process your most recent payment of bill. This might be due to
either of the following reasons:

1. A recent change in your personal information. (eg: billing address,
phone)
2. Submitting incorrect information during bill payment process.

Due to this, to ensure that your service is not interrupted, we request you
to confirm and update your billing information today by clicking here.

If you have already confirmed your billing information then please disregard
this message as we are processing the changes you have made.

Regards,
Telstra Billing Department

The link (not reproduced to prevent proliferation of the link) sends the person clicking on it to a site in Italy.

If you receive this email then please do not click on the link and contact Telstra if you have any doubts about your account status.