Does this really matter?
I mean does this really matter to us outside of Australia. Possibly.
Australia is a democracy of sorts and is free to elect whichever dickheads they choose. If they elect a government that wants to dig an almighty hole and then jump into it, then so be it. The rest of the world can look at Australian products and services and decide whether or not to get involved. Most would be well advised to give them a wide berth on any sensitive matter such as high tech industries with commercially confidential information, routing submarine cables via them etc, Buy their apples and watch their cricket by all means by share any sensitive communications or data? No thanks.
So why could this possibly matter to us in the UK?. Because we have politicians every bit as stupid as our antipodean counterparts and they never ignore the opportunity to adopt a bad idea. Look at our leaders and what is going on here now!