Note that it's seemingly unclear whether it's OK for EU companies to store data even on EU servers of US parent companies. Although very little has actually been done about this and everyone, governments included, is still using Microsoft 365.
I’m also not sure there’s so much practical difference between a company headquartered in the EU vs USA. The relevant thing would seem to be where operations happen, and what legal and practical hooks each side has into the company, including physical location of servers and the people who operate and write code for them.
It's a step above a warrant, as an order, when building a new capability. But yes, its focused in on one case. As to "reasonable" - our current AG is a strong supporter of expanding government powers as a way to fix any new problem that appears. He's done some good. And some bad. It isn't hard to see him rubber-stamping these, if someone across the hall needs it done.
Also... If a TCN order comes through, you're not permitted to tell the business that you've been ordered to create a backdoor in them. And they can order random anyone in the company to comply - it doesn't have to go to the C-level.
"What assistance can be provided"
> Note: private communications and data may only be accessed with lawful authority pursuant to the existing warrant framework
Until people and companies start treating Australian-made software as dangerous to the extent that it affects the economy, other countries will probably follow with similar laws.
That should include being hesitant to use American software as well. There's a good reason EU companies aren't allowed to store data on American servers.