The cable, in the Docklands area of Melbourne, was damaged by a third party.
The cut happened about 9am on Monday.
An Optus spokesperson told iTWire in response to queries: "Optus customers across some parts of Melbourne may have experienced disruption or congestion to their mobile and Internet services yesterday due to a severed Optusfibre cable, which was damaged by a third party.
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"We apologise to our customers for any inconvenience experienced."