NBN Co’s business model has been slammed by major telecommunications providers, which say the government needs to reconsider whether the company should have to fully recoup its investment costs.

In public submissions made in response to an Australian Competition and Consumer Commission review of the communications sector, Optus, Telstra and other leading retail service providers said a review of NBN's costs and pricing was needed sooner rather than later.

The National Broadband Network's financial viability was a major point of contention in submissions made to the regulator.

The government requires the $49 billion NBN to recover the cost of its rollout around Australia, which directly affects the prices it charges telcos for access to its network, which they pass on to consumers.

The ACCC's draft report, released in October, included a proposed recommendation that the government consider whether the NBN should continue to be obliged to recover these costs.