I have white text (Paper colour) overlaid on top of a photo, I would like to reduce the opacity of the text so you can see some of the image showing through.
Select the text and change its opacity in the Effects panel....
@ Peter I think this isn't correct. Because you can't slide the opacity of White if you have selected the text.
Select the container and than go to the Effects menu and select there text so that you can change te slider from the opacity. You can put the popup menu to Rasterize, so that it blends much better.