There is a big difference between mass surveillance, and a system of mandatory logging by private companies with warrant based access to individual's records for security officials.

A sensible compromise would be to accept a regime where the security services could read all the internet communications of particular individuals, or compel that individual to reveal decryption keys, subject to a warrant from a judge sitting in a public court who has decided there is reasonable grounds for suspicion.

Sadly, the proposed bill appears to still give too much power to the executive branch of government.