One NZ is set to lay off staff early next year.

It's unknown how many jobs will be lost, but the New Zealand telco is currently consulting with staff.

The operator is the second-biggest in the country and was previously owned by Vodafone.

New Zealand
– Getty Images

“One NZ is going through a process of consultation with a limited number of the team that regrettably will see some people depart the business in early 2024,” said its chief executive Jason Paris on Saturday (December 9).

His comments came after Stuff NZ first reported the job cuts.

The Infratil-owned business will provide as much as three months' notice to those affected, Paris added.

Paris said the company is reviewing its business structure, as high-interest rates have led to a decline in spending from consumers.

"The proposed changes are about ensuring we continue to invest even more in these important areas, as well as keep our prices competitive," he added.

Infrastructure firms Infratil and Brookfield Asset Management acquired One NZ, then known as Vodafone NZ, in 2019 for NZ$3.4 billion ($2bn).