Hmm, all these hats being taken off to the crew for a wonderful job?
Decompression. PNF opens the QRH and begins droning through the SOP that they've rehearsed so often they could do it in their sleep. PF puts the aircraft into the regulation rapid descent, levels out at 10,000' and Bob's yer uncle, time to reprogramme the FMS for diversion to Manila and look up the frequencies. This aircraft was never in any danger of crashing and none of the control systems were affected. The hole isn't even that big, its the missing bit of fibreglass fairing that makes it look more dramatic than it is.
I know, I know, but its just a Blacksheep doing his customary controversial duty of pointing out an alternative perspective.
Now, time to find out the actual reason why the fuselage burst. As a couple of people have noted, the hole is directly below No. 2 door and the oversized galley just along the side wall there on a QF Longreach 747s. Meanwhile, a very knowledgeable Airframe Technical Services Engineer has pointed out certain evidence of a previous repair in the area concerned.