Telstra, the National Broadband Network (NBN) and the Federal Government have struck a new deal to deliver the Coalition's multi-technology broadband service.

Labor signed an $11 billion deal with Telstra back in 2011 to decommission its copper network as the NBN rolled out.

Under the Coalition's plan, instead of Telstra decommissioning its copper, it will gradually transfer ownership to NBN Co.

They in turn will use the copper to deliver the Coalition's broadband service to homes.

Communications Minister Malcolm Turnbull said the new deal came at no extra cost to taxpayers and Telstra shareholders would not be worse off.

"What this agreement does is ensure that NBN Co's management have the flexibility to choose the right access technology in every particular circumstance," he said.

"This should be seen as a win-win. A win for the taxpayer, a win for the consumers, a win for NBN Co and a win for Telstra shareholders.

"The mix of technologies that the National Broadband Network will use are the leading, cutting edge technologies and techniques being used by the leading telcos around the world.

"They will ensure that all Australians have access to very fast broadband, much sooner and at much less cost and much more affordably."

Sorry, this video has expired Malcolm Turnbull announces new deal between NBN Co and Telstra

Labor's communications spokesman Jason Clare said the deal would leave consumers with an inferior yet costly broadband network.

"The Government has got what it wants out of this deal. Telstra has got what it wants out of this deal," he said.

"But the losers in this deal are Australians, millions of Australians who will end up with a second-rate broadband network."

Mr Turnbull said the project would be completed much sooner and at much less cost to the consumer and to retail service providers, including Telstra.

"This is a great step forward in delivering on the NBN. I'd say it is a key part of the Government's business-like approach to sorting out the messes that we inherited from the Labor Party," he said.

"In 2015, what the Government wants to be focused on, above all, is how we are going to use the internet."

Telstra chief executive David Thoady welcomed the new deal.

"It is about what we all have a shared vision for and what can make Australia great," he said.

"Improving productivity, improving commerce, changing education, changing the health industry and doing that in an innovative way - that is what this is really about, and doing it at a price for the taxpayer and the citizens of Australia that is affordable."