Well I do Electrical, and I might actually end up doing Telecommunications for my electives.
Its actually a very broad field and you aren't restricted to just working on "NBN" or "Telstra". You have a lot more options with Telecommmunications than you think as Telecommunications can lead you to many related areas involved electronics, digital signal processing and even computing.
As for job prospects I'm not too sure, but I would say its very competitive to go for something involving NBN or Telstra. However, many companies involving electronics and digital signal processing can and most likely will employ you.
Also, do keep in mind that its quite a broad field so it can branch off into different areas of electrical engineering. It can also branch off into management of telecommunication systems which is even more diverse.