It's not THEIR data
Always worth remembering that it's not THEIR data, it's YOUR data they propose to slosh around freely. It should be your judgement call on how your data is handed out, not their judgement call on your behalf.
Look at this one, the UKs implementation of this which was 'revealed' to everyone last year.:
https://www.techdirt.com/articles/20150312/09283830302/report-says-uk-citizens-must-give-up-right-to-privacy-because-terrorism-reveals-huge-secret-government-databases.shtml
"The Agencies use Bulk Personal Datasets -- large databases containing personal information about a wide range of people -- to identify individuals in the course of investigations, to establish links, and as a means of verifying information obtained through other sources. These datasets are an increasingly important investigative tool for the Agencies....
"Until the publication of this Report, the capability was not publicly acknowledged, and there had been no public or Parliamentary consideration of the related privacy considerations and safeguards.
"The legislation does not set out any restrictions on the acquisition, storage, retention, sharing and destruction of Bulk Personal Datasets, and no legal penalties exist for misuse of this information.
"Access to the datasets -- which may include significant quantities of personal information about British citizens -- is authorised internally within the Agencies without Ministerial approval."
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So the police created this massive database by grabbing everyone's data, its available to any hi-viz officer, it can be used to used for random fishing expeditions, it has no legal basis and no checks and balances.
And now they want to add Internet records to it using Theresa Mays Snoopers Charter. Only we also had a case where the police cautioned people who downloaded a DDOS program, that it might break the law if they used it. Which indicated they ALREADY had access to the UK Internet logs outside of crime investigation.
So if the Aussie government is proposing bulk sharing, they probably have ALREADY done it, and the group involved will be testing the water with a report to see which politicians coming up for election will support it.
I'm sure they would never abuse all this private data they have to help their choice of politicians into power. R-I-G-H-T. Because they're all heroes-in-hi-viz, while the rest of us citizens are threats to be watched 24/7.