After having this discussion with my manager and colleagues (the conversation with my manager was in my interview process where I bluntly stated if I was asked to comply with anything from this law, I'd immediately resign, my manager also agreed). Everyone I've spoken to agreed we'd immediately resign since it was the only potential option to protect our selves as employees and our employers.
Edit: I'll need to spend a little more time looking into the Assistance and Access Laws. The following article attempts to downplay some of these concerns:
https://www.homeaffairs.gov.au/about-us/our-portfolios/natio...