It is interesting to note what the Act says.
In the Definitions there is
restore, in relation to a record, means making a record, which has previously been effectively removed, accessible to the healthcare recipient, ...
which means that 'removing' a record really means "keep it forever but hide it from most snoopers".
'Feature-creep' always happens with government projects so I was not surprised to find that they have a 'framework for secondary use' of your data.
Department of Health | Implementing the Framework to guide the secondary use of My Health Record system data
The Framework says
• MHR system data cannot be used solely for commercial and non-health-related purposes.
• The provision of MHR data to insurance agencies will not be permitted (the impact of this exclusion will be considered as a part of the first review).
Note the words 'solely' and 'review'.