It's an interesting position. Labor (our sorta left-wing party) are considering amendments to the bill:

>Labor’s amendments would also clarify that a “systemic weakness” is one that “would or may create a material risk that otherwise secure information would or may in the future be accessed, used, manipulated, disclosed or otherwise compromised by an unauthorised third party”. [0]

I'm not sure how this doesn't cover all exploits - there have been a few cases of vulnerabilities discovered by state agencies being leaked/disclosed [1].

[0] https://www.theguardian.com/australia-news/2019/jan/21/home-...

[1] https://www.telegraph.co.uk/technology/2017/05/15/microsoft-...