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I wouldn't be surprised if at least part of the legal argument for any class action centred around the concept of frustration of contract under common law. It has its roots in English Common Law, which Australia shares.

In lay terms, the basic argument might run something along these lines:

"Notwithstanding a company refund policy of a $300 cancellation fee per person per booking, if the contract cannot be fulfilled (i.e. the purchased holiday/accomodation/air travel/etc... cannot not delivered by the provider or taken by the purchaser) for reasons outside either party's control, then the contract should be set aside and monies repaid without deduction."

I'm not suggesting it's as simple as that. These things are invariably quite complex to navigate, which is why the lawyers are paid the big bucks. But that's probably going to be the core of the argument behind any class action that is launched, assuming it goes ahead in the first place.

(Another source: https://www.claytonutz.com/knowledge/2005/november/what-is-a-frustrated-contract)