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Businesses Counting The Cost Following Telstra Outage

Telstra Elite Mobile Broadband USB 21mbit modem

Businesses are counting the cost after a glitch shut down ATMs and EFTPOS machines nationwide on Thursday.  

The issues sparked big delays at banks, petrol stations and grocery stores.  

It is estimated that hundreds of thousands of Australians were affected.

Telstra has apologised for the outage which was the result of a cut cable in Telstra's fibre infrastructure in Sydney.

The Financial Review reported that Telstra's electronic payments network failed for hours, stopping businesses from processing customers' payments and individuals getting money out at the ATM.

All of the big four banks felt the pain; Commonwealth Bank, ANZ, Westpac and NAB.