Depending on the degree of cooperation (/coercion) the Australian government has with social media companies, the Aus Govt will be able to access citizen social media data with relative ease. So no more pseudo anonymous accounts (or, at least, they'll be made more difficult, especially for non-technical folk).
Reminds of the 'chilling effect' of measures of bygone decades.
My personal hunch is legacy media is largely driving this, due to them seeing the writing on the wall and knowing 'social media' is their biggest threat. If young people get their information from sites like bluesky, twitter, podcasts and reddit, they may never watch a mainstream news program or read an online newspaper. Bad for business. This measure is a great way of eradicating some competition.