The ACCC had a number of concerns and requested Telstra to resubmit the SSU, which will be done in the coming weeks. If the watchdog rejects the SSU, the Telstra-NBN Co deal will fall through.

Telstra has expressed confidence the ACCC would come around eventually.

"I would remind you the ACCC chairman, Rod Sims, has commented that he thinks the issues with the SSU are not insurmountable," Telstra CFO, John Stanhope, said at the AGM.

Internode managing director, Simon Hackett, called the on Telstra's part because if the ACCC does not approve the document in its current form, it would spell more delays for the NBN.

A new SSU would require shareholder approval again, which could take up to six to nine months.