Australian residents could lose access to the iTunes App Store.
If the legislation described in the linked article goes ahead, it is more likely that Apple will simply drop and block .au customers from it's App Store, rather than ask developers to pay the quoted $470 - $2040 dollars to get a game classified in Australia. At a minimum, It is likely that all free games would disappear.
Xbox Live Indie games already suffer because of Australian censorship laws. Local developer Black Lab Games cannot sell their StarHammer Tactics title on the Xbox in Australia because of this same legislation.
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