The ACMA understands the delicate relationshionship between upholding free speech and tackling dangerous content. This why the tech companies, not the government, will be tasked with building their own content moderation systems, and why only blatantly false information about topics such as public health will be under its scope. Unlike authoritarian countries like Russia, the ACMA will only focus on verifiably false and harmful content.
Australia has become so authoritarian that even establishment-friendly newspapers and political groups have come out against this bill. Everyone knows they can't trust the government or tech companies to define the truth, but the ACMA appears uninterested in the public's concerns. Mis- and disinformation are just buzzwords for wannabe tyrants to use against political speech they don't like, but, thankfully, the majority of Australians are becoming aware of this.
There is a 42% chance that the Coalition of the Liberal and National parties will win the next Australian federal election, according to the Metaculus prediction community.