"We will make the appropriate decision on the day that, you know, the bids and responses are due," Trujillo told reporters, after addressing a FINSIA executive luncheon on Wednesday.
"We've asked for some clarification from the government in terms of their intentions, and so we're waiting for a response which will help us in terms of the determinations that the board will make."
Telstra has said it may not bid to build the NBN if functional or structural separation of Telstra was a pre condition.
Telstra chairman Donald McGauchie told shareholders in the company's notice of annual general meeting on Tuesday that the telco had not made a final decision on whether to lodge a bid for the NBN by the due date of November 26.
Trujillo on Wednesday would not say if Telstra would refuse to bid for the NBN if the federal government insisted on regulated pricing.
"I'm not going to get into the details of issues like pricing and all that because that'll be part of what we bid and then what the government looks at in terms of their process," he said.
"So, we're going to respect that.
"What we have been clear about is that we won't bid if there is any kind of requirement around separation."
Trujillo said the request for proposals for the NBN did not require separation.
"We're just trying to be absolutely clear because when you make a bid you have to make an assumption about the business operating model, which then leads to what your costs look like, which then leads to what prices look like, which then leads to what kind of timing you have," he said.
"All of that is important."
Trujillo told the luncheon audience that Telstra had been participating in a process with the government for what seemed like forever.
"What we're trying to do is encourage people to get on with it," he said.
The federal government has set aside $4.7 billion to help fund the building of a high-speed broadband network to reach 98 per cent of the population.
Trujillo said Telstra was probably the only company that could finance its portion of the costs to build the NBN.
"We're talking about a build that's probably going to exceed $10 billion and could be as high as $15 billion in total costs to build, if all objectives were to be met," he said.
Telstra executives and board members have said the company wanted an 18 per cent a year return on its investment, should it build a NBN.
They have also said the company would want to wholly own the new infrastructure and did want any change to Telstra's structure, including splitting the network, wholesale and retail divisions into separate operating units.
Trujillo also told reporters on Wednesday that he was pleased to see the Reserve Bank of Australia's surprise cut of 100 basis points to the official cash rate announced on Tuesday.
"It was a bold action, it was a bit of a surprise for most people, but it showed a confidence in terms of their ability to influence, perhaps, actions that businesses should think about over the coming period of time," he said.
Trujillo said that in a broad sense, the Australian economy was unlike the economies of the United States and Europe.
"We have the natural resources strength which is a buoy in the sense of keeping the economy a little more buoyant than others," he said.
"What I'd like to see is more investment in infrastructure as the Prime Minister (Kevin Rudd) has now emphasised.
"And I'd like to see some decisions taken sooner ...."
