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The outage not only left millions of Australians without mobile and internet services but also impacted several businesses listed on the ASX. Among those affected were Westpac Banking (NYSE:WBK) Corp (ASX: WBC), Ramsay Health Care Ltd (ASX: RHC), and Insurance Australia Group (ASX: IAG)-owned NRMA insurance, all of which faced inbound call issues. EFTPOS terminal operators such as Tyro Payments Ltd (ASX: TYR), Smartpay Holdings Ltd (ASX: SMP), and Block Inc (ASX: SQ2) were expected to see fewer transactions due to their network dependence on Optus.
Commonwealth Bank of Australia (OTC:CMWAY) (ASX: CBA) customers might have faced problems receiving NetCode texts for account access due to the mobile meltdown. Additionally, Melbourne’s hospitals, trains, and entities like Aussie Broadband Ltd (ASX: ABB (ST:ABB)), which relies on Optus for its mobile customers, were also affected.
The incident caused a more than 1% increase in Telstra’s shares, despite a static S&P/ASX 200 Index (ASX: XJO). In contrast, Singtel’s stocks fell by 4.5%. The ASX200 saw a quarter per cent gain, led by the IT sector’s two per cent increase.
Optus confirmed the issue at 5:47 am and is currently investigating the root cause, believed to be deep within their core network. The Department of Home Affairs dismissed any involvement of a cyber attack.
This disruption comes a year after Optus experienced a significant cyber attack. Despite the ongoing investigation, investors are optimistic about Telstra’s potential for business uplift if customers decide to switch providers due to the disruption.
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