Super annoying!
Given Australia doesn't even require Age Verification on porn sites (only on social media sites), the incentives hint this was strongly supported by legacy media (90% of Aussie media is owned by two companies, Newscorp and Nine Entertainment).
The internet licence will make it difficult for both authors and readers on alternative media platforms. And it will outright prohibit young people from getting information from non-permitted sources (of course, legacy sources are not affected - incidentally, they're probably more harmful than the prohibited sources). (I've long said, to try to think clearly after watching 'the news' is akin to trying to operate heavy machinery after consuming alcohol).