The continuous disclosure obligations in Australia: do they still have substantive content and can those relying on public disclosures make confident informed decisions?

The Australian Securities Exchange has recently amended Guidance Note 8 to Listing Rule 3.1 to provide greater clarity around the continuous disclosure obligations. This article argues that the requirements to update the market on changes in trading conditions and associated changes to expected earnings are unduly ambiguous and that persons relying on publicly disclosed company information may struggle to make confident informed decisions. The move from objective earnings variations to opaque and transient private measures as the basis for determining disclosure of earnings related news is viewed as a retrograde step that does not accord with international best practice. These amendments are expected to weaken the corporate disclosure regime, discourage the provision of public guidance by listed companies, and raise the bar for those involved with supervision and enforcement of company disclosure matters.