I saw that, but another part of the bill that I've seen (on a cursory review, and as a non-professional) is the sweeping, extreme secrecy measures surrounding the execution of any part of the bill.
Basically, my understanding is that you can't tell me as a customer if you've been required to compromise my privacy.
So say you even take the extreme measure and ship some sensitive roles overseas. If for any reason that's not enough, and your government requires you to surrender some of my data, then you will be legally unable to tell me.
That will destroy all trust.
I like Atlassian and am extremely sorry to see this happening to you.
I've read an interpretation that indicates that all Australian citizen employees are now essentially compromised, as they could be compelled under penalty of jail time to insert backdoors into an application without informing their employers.
In talking with some other companies, some of them are looking at potentially moving any role that would have the ability to compromise encryption outside of the country. That way there'd be no way any employee could be legally forced to implement any backdoors or weakening of encryption. That's an extreme measure and is probably overkill right now as the loophole that states you don't have to do anything to weaken your security will likely be used as a challenge against building in any backdoors. We'll have to wait and see how things pan out.