This is hilariously fucked up:

• Any site that contains illegal material will be blocked. The primary intent for this was to block child porn and terrorist websites, but of course "illegal material" is much broader than this. This block doesn't have an opt-out, and applies to adults as well as children.
  the Sydney Morning Herald summarized the contents as "about half of the sites on the list are not related to child porn and include a slew of online poker sites, YouTube links, regular gay and straight porn sites, Wikipedia entries, euthanasia sites, websites of fringe religions such as satanic sites, fetish sites, Christian sites, the website of a tour operator and even a Queensland dentist"

  The full contents (as of Aug 6 2008) are available here (mirrors).

• But, the problem is that the blacklist contains links to child porn (even if the vast majority of links on the blacklist aren't child porn, it still does contain a handful of child porn links). If this blacklist were to be released, it would actually be used to propogate child porn further.
• So, the blacklist has to be secret. And it's illegal distribute it.
• So, any sites that illegally distribute it will also be put on the blacklist. That's how Wikileaks got put on the Australian blacklist.
• That is, a democratic state is now censoring an accepted site that was set up specifically to prevent censorship. This is something that only states like China have done so far.

• ACMA also declares links to illegal sites to be illegal as well.
• Sites that get a takedown notice sometimes publish that takedown notice publically. However, that takedown notice contains the link, i.e. the very thing that ACMA wanted removed in the first place. (on the Internet, it's often difficult to prevent 1GB files from being spread. However, if you're trying to prevent a 1KB string from being spread, you quickly find that's impossible)
• So, in its takedown notices, ACMA will no longer include the URL in the takedown notice. I shit you not. So, instead of telling the ISP exactly what they want taken down, the ACMA will just describe it in general terms? How the heck will that work?