Barely a week after Telstra Corporation submitted its revised structural separation undertaking (SSU), the Australian Competition and Consumer Commission (ACCC) gave its approval for the $11 billion deal between NBN Co and the country's dominant telco to go ahead.

In a statement issued on Tuesday, ACCC chief Rod Sims indicated that Telstra has agreed to adopt the provisions that would ensure the existence of a level playing field once the $36 billion National Broadband Network (NBN) has reached full implementation.

"Telstra has made substantial improvements to its interim equivalence and transparency commitments, which are intended to ensure that wholesale customers gain access to key input services on an equivalent basis to Telstra's retail business units during the transition to the national broadband network," Sims was reported as saying by The Australian.

"Many of these measures were significantly strengthened during the public consultation period, through expanding the scope of their application and the range of consequences in the case of non-compliance," the regulatory agency added.

In all point of contention, the ACCC said Telstra has met the rigid legislative requirements that would preserve transparency and equivalence within the industry once the giant telco has completed the split of its wholesale and retail divisions.

Telstra took in suggestions that would allow the two divisions to function in equal measures, the competition watchdog said, largely eliminating grave concerns of disadvantages that were previously aired by small service providers, the ACCC said.

The latest SSU lodged by Telstra also laid out clearer provisions that would give premium to the quality of services that the firm would offer to both its retail and wholesale customers, with emphasis on security and privacy concerns.

With ACCC finally giving its nod to the deal, Telstra's migration blueprint of moving its customers from its nationwide copper network to NBN's infrastructure will soon get underway, according to Telstra chief executive David Thodey.

He added, however, that some minor issues will have to be dealt with prior to the full roll out of the company's deal with NBN Co.

"There are a small number of matters left to finalise with the government, including NBN Co shareholder approval and Telstra receiving ministerial waivers from the legislative requirement to divest our HFC network and our share in Foxtel," Thodey told ZDNet Australia.

On her part, Prime Minister Julia Gillard hailed the development as the realisation of her government's pledge to deliver broadband access to the whole of Australia while at the same time enhancing the spirit of competition in the industry.

"There can be genuine competition in telecommunications from today on ... We now have the funding, the legislation and the regulatory approval we need for the rollout of the national broadband network," Ms Gillard was quoted by the Australian Associated Press (AAP) as saying on Tuesday.

"This is an important development to those Australians and NBN is vital to our future competitive ability as a nation," the Prime Minister said, adding that this year alone, more than 750,000 Australians will surely benefit from the fast internet access that NBN will deliver across the nation.

And over the next 10 years, that number will dramatically rise as the services offered by NBN Co and all the other industry players further improve.