SIUYA.
Your suggestion of adopting the NZ regs (and I presume you also want the Act in there too) is sensible. As I understand it, PNG have adopted the NZ regulations, and they are apparently also intended to be the model regulations for PASO. So, yes, it does seem to make good sense for Australia to 'harmonise' with the aviation regulations other regional countries.
Interestingly, funding for Papua New Guinea to adopt the NZ regs, was courtesy of the Australian tax payer!
In view of the trans Tasman agreements, adoption of the New Zealand regs may be the only way Australia gets new regs, in reasonable time and at significant cost saving.