"The SSU is not actually an approved document yet," Hackett said. "Initial reaction of the regulator and industry was very clear -- in legal terms -- [as to] why it is not yet compliant."

Regardless, Telstra shareholders will have to vote on it; because that is all they can vote for, Hackett said.

"This puts pressure on the [ACCC] because if the shareholder vote passes then the regulator will be the last barrier to the NBN existing," he said.

If the ACCC does not approve the SSU in its current form, there could be lengthy delays for the NBN since the new submission must again be subjected to shareholder approval. Hackett estimates the process could take from six to nine months.

"I don't think the current government really wants the network to wait another six to nine months because it's already behind," he said. "There is a form of high-stakes poker going on here.