Introduces criminal penalties of up to 5 years imprisonment for intentional and repeated breaches of the primary obligation

Requires all affected parties to submit quarterly compliance reports to the relevant minister within 60 days of each quarter's end

Requires the minister to table an annual report on the operation of the scheme in each house of parliament by 31 March each year

Establishes a new independent oversight body with powers to investigate complaints and impose civil penalties of up to $500,000 per breach