This law only applies to whoever the Australian government thinks it should apply to, that is the wording there are no explicit rules. Currently that is only Facebook and Google.
Yup - this is the crux of my point. It's hitting the big guys today and could easily hit anyone tomorrow.
Currently. However, after such laws are passed, you have to ask, who's next?
Wow so it's okay to go after people that are politically unpopular right now. And when they decide people with certain ideas are dangerous or people of a certain ethnicity are dangerous?
Facebook and Google are monopolists and deserve special attention.