Australian telecom giant Telstra is slashing 8,000 jobs

Andrew Penn- CEO Telstra

'This means that some roles will no longer be acquired, some will change and there will also be new ones created'.

"As technology innovation is increasingly relying on connectivity, the role of telecommunications infrastructure is becoming more important", said Penn.

"Customers will have more choice than ever in a post-NBN world with increasing mobile competition", Penn said.

Less than a month ago, Telstra warned that 2017/18 earnings would probably be towards the bottom end of its $10.1 billion to $10.6 billion guidance range.

"I should say we are prepared to give up more than $500 million worth of revenues in the sorts of charges that we know have frustrated customers for many years. but ultimately we believe that will drive more customers coming to Telstra".

"We are now at a tipping point where we must act more boldly if we are to continue to be the nation's leading telecommunications company".

"In this environment traditional companies that do not respond are most at risk", Chief Executive Andy Penn said in a statement.

The telecoms firm has a range of businesses including fixed broadband, mobile, data and IP, network application and services and digital media.

Michael McCarthy at CMC Markets said the restructuring plan may not be enough to please investors in Telstra, whose share price has nearly halved in the past year.

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Since Mr Penn took over as CEO in May 2015, Telstra shares have fallen 53.8 per cent.

Prime Minister Malcolm Turnbull called the announcement "heartbreaking" for the workers, but said he was confident most would find other jobs.

It is the latest in a string of job cuts made by Telstra in recent years.

Victorian Premier Daniel Andrews said it was awful news for the families of the workers.

"They're in our thoughts today, but beyond that, we stand ready to support them in terms of finding a new job, retraining, reskilling, all of those things", Mr Andrews said.

Federal Labor frontbencher Richard Marles described Telstra's decision to slash 8000 jobs as a "huge shock". Compounding its problems, the construction of a new government-owned broadband network is replacing Telstra's copper-wire monopoly and is expected to lop about A$3 billion from annual earnings by the time it is completed around 2022.

According to Telstra's website, outages caused intermittent mobile service in Sydney, Melbourne, Brisbane, Adelaide and Hobart.

InfraCo will sell its services to wholesale customers and NBN Co, the national wholesale open-access data network.

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