BREAKING| Telstra To Cut 8,000 Jobs

A whopping 8,000 jobs will soon be shed from Telstra, that's almost a quarter of the telecommunications giant's workforce.

A statement released on Wednesday, revealed Telstra are aiming for a $1 billion cost cut by the 2022 financial year, including a net reduction of 8,000 employees and contractors, the positions largely drawn from executive and middle management.

The telco said the measures are part of a strategy, named Telstra2022, to simplify structure and improve customer experience.

"We are creating a new Telstra that is able to continue to lead the market. In the future our workforce will be a smaller, knowledge-based one with a structure and a way of working that is agile enough to deal with rapid change. This means that some roles will no longer be requires, some will change and there will also be new ones created," Telstra CEO Andrew Penn said in the statement.

"We understand the impact this will have on our employees and once we make decision on specific changes, we are committed to talking to impacted staff first and ensuring we support them through this period."