"So as soon as that is agreed, the Telstra-NBN deal would come into effect and another vote would not be needed."

Based on examples around the world, Kennedy expects Telstra's structural separation process to take around 18 months. In that time, the telco would have to rebuild its IT systems and change the management of the business. It's more a reorganisation process than an actual separation of its physical network.

The challenge for Telstra is to move from being a company which focuses on running an access network monopoly to one that has to find new ways to make a profit.

"It has to become more nimble, more focused on things like services and content than it has been in the past," Kennedy said.