In a seven-paragraph press release issued late on Monday afternoon, Frydenberg said the change would protect companies from “opportunistic class actions” during the coronavirus crisis and allow them to raise much-needed capital. But experts say there is no evidence any such problem exists.

Labor also slammed the move for undermining confidence in the markets.

The change, which followed heavy lobbying by industry groups, is supposed to last for six months, but there are already calls for it to be made permanent.

It drew immediate fire from class-action lawyers, who described it as “cronyism” and a “green light for company directors to hide information from the people who actually own a company”.

 ‘Green light to hide information’: Australia’s recovery at risk from company disclosure changes | Business | The Guardian