I doubt that it even get off the ground. It's obvious that there's no hierarchical rights so it's the class action if .com.au domain owners are given priority that would be of most concern.
After the AGM and Luke's question about has AUDA received legal advice to which the answer from AUDA seemed to be "no", I have been thinking more about this (see youtube link below @ 1:28 minute mark)
I think if .com.au owners are not guaranteed rights then is more likely to lead to lawsuits, e.g. if you get the scenario of realestate.net.au having equal rights to realestate.com.au and some kind of random chance draw is proposed, gumtree.id.au and gumtree.com.au, news.com.au and news.org.au.
I would say a decent chunk of Australia's biggest companies are going to have this issue. Surely this is going to lead to many lawsuits or potentially class action lawsuits. (it was suggested in the audio that people are already known to be considering actions) If AUDA loses where does that put the organisation given they have maybe $14 million in the bank and they are likely to be up against a whole lot of multi billion dollar companies?