Let me try to explain why these rules exist under the Corporations Act. They apply to all listed companies and are necessary for the integrity of the financial system. Pretty much everyone's superannuation is dependent on this being heavily regulated.
Here's a hypothetical.
Imagine the Qantas hack turned out to be far worse.
Last week, Qantas said we were hacked. We think they got X, Y and Z, but not A, B C.
Then imagine by today, Qantas learned that the hackers also got passports, DL's, credit cards, PIN numbers, the absolute works for a subset of customers.
That probably would be materially market sensitive information and could be very costly for Qantas to "make good".
Law currently requires continuous disclosure, which would mean Qantas has to put out a universal public announcement before contacting individuals.
If instead of doing this, suppose Qantas starts emailing affected individuals. One of the first recipients is a dodgy hedge fund operator. He has now received info that the "market" has not yet been notified of. He can short the stock, which could have a devastating affect on confidence in financial markets. People have no idea why the stock is tanking. It gets contagious and other stocks are affected. Again, our super gets caught up in this.
As mentioned this is just a very hypothetical scenario, but you get the idea I hope. The law has to cover all sorts of scenarios, including the unforeseen. Ultimately, everyone has to be told at the same time via a public announcement.
