Final approval for the structural separation of Telstra has today been granted by the ACCC, in a major landmark for the nation's telecommunications industry.
This means for the first time in Australia's history, telecommunications providers will compete on a level playing field.
Consumers are set to benefit from this competition as retailers compete evenly and fiercely to give customers the best and most innovative services, at the best price.
By structurally separating Telstra, the Government has finally fixed the wrongs of past governments. Telstra was structured and sold in a way that was bad for consumers, bad for competition and bad for the economy.
For consumers, this means the Government has secured the best outcome for their telecommunications services by locking in maximum competition - now and into the future.
The telecommunications industry has been seeking this outcome for nearly two decades, an outcome that only Labor has been able to deliver.
This announcement today is also an essential step in the development of the National Broadband Network.
Telstra have undertaken to close down their copper network as the NBN Co fibre network progressively rolls out to 2020. The undertaking also provides measures in the interim to ensure existing fixed line services are supplied to wholesale customers on the same terms as they are supplied to Telstra's retail arm.
The acceptance of the undertaking is one of the last hurdles in the finalisation of the Definitive Agreements between NBN Co and Telstra that will advance the roll-out of the NBN.
Once finalised NBN Co will gain full access to detailed information about Telstra's network of pits and ducts. This data is essential for NBN Co confirming its three year rollout schedule which will be released before the end of March.
NBN Co has already announced its 12 month fibre rollout schedule which will see construction underway or completed for 758,000 Australian households, businesses and public facilities by December this year.