One of the funniest consequences of this law is that (under the new equilibrium) a significant portion of the world may end up getting its news about Australia from media outlets that are not based in Australia. This could prove to be a significant PR challenge which — I can only speculate — may well come as a surprise to the Australian government.

I've rarely seen legislation that runs so forcefully against basic economic realities. I look forward to hearing all about the interesting behavioral distortions this law will cause — though, perhaps unfortunately, not from the Australians themselves.