But there is still the structural separation undertaking (SSU) to consider.

The SSU is the document that details how Telstra would go about structurally separating itself.

Telstra submitted a draft SSU to the Australian Competition and Consumers Commission (ACCC) in August. After taking on-board scathing criticism from the telco industry, the consumer watchdog virtually told Telstra to go back and fix the document then resubmit it.

The ACCC wants to see more safeguards around transparency and equivalent access of Telstra's network for other operators in the SSU.

"That is the big thing on the horizon right now," Ovum research director and telecommunications analyst, David Kennedy, told ARN. "The SSU will probably detail a more clear and enforceable separation of Telstra's access operations and the rest of the company."