Telstra (ASX: TLS) said on Tuesday that it is ready to deal with possibility of a scrapped National Broadband Network (NBN) in the event that the coalition made good on its campaign vow to dump the project it once dubbed as a 'multi-billion dollar white elephant'.

The opposition has maintained that the Labour-sponsored NBN is a waste of taxpayers' money and first on its list should it win the August 21 polls is to replace the project with a more affordable alternative but no details were made available so far on the proposed replacement.

Telstra had earlier signed an $11 billion non-binding financial agreement with the federal government for its partnership deal with the broadband project in June following a year of intense discussion on NBN.

Also, company chief executive David Thodey admitted that Telstra's shareholders have yet to affirm the agreement but he expressed no doubt that the huge deal would eventually push through.

And amidst the coalition's threats and the NBN's possible demise, Mr Thodey said that Telstra is not in the business of commenting on elections issues and parties' policies as he declared that the company is ready to talk and work with any government.

He said that the NBN project is still a work in progress as he reiterated that the company "makes decisions based on what we've got in front of us and if that changes, it changes, and if it doesn't, it doesn't."

Mr Thodey stressed that Telstra would remain firm on its position and as the government is changed and made a different decision apart from the earlier agreement, then the company is all ready "to make an appropriate response as a commercial," as he reminded that they are not privy to any discussions in so far as the coalition's plans are concerned.