Ah, this old bogeyman.
The media drastically overreacted to that act, to the point where the Department of Home Affairs now has an entire page dedicated to addressing the false reporting [0].
The TL;DR is that the act doesn't allow the government to introduce mass surveillance. Section 317ZG [1] expressly forbids any law enforcement request from _having the effect_ of introducing any systemic vulnerability or weakness and _explicitly_ calls out new decryption capabilities as under that umbrella. Your claim that a company can't deny access to the ends of an e2e-encrypted pipe is false.
And yes, that new act exists. The government will be able to hack into your devices and take over your accounts _with a warrant_, just like they can break into your house or take money from your bank account _with a warrant_.
[0]: https://www.homeaffairs.gov.au/about-us/our-portfolios/natio...
[1]: http://classic.austlii.edu.au/au/legis/cth/consol_act/ta1997...