Guys and Girls, do remember that this bill being introduced by Bob Katter is so far a DRAFT to be debated to flesh out exactly the issues people here are bringing up. (AS is my understand of such things, I stand to be corrected as i'm not particularly savvy on how such bills come into being and are finally approved!)
As it stands, and as mentioned, Virgin and Tiger would be in some trouble, but I'm sure that Bob Katter wouldn't want to be the person who got all the Australian Staff working for them fired because they could no longer operate under the laws he is looking to introduce and as such would certainly be looking at the best way to make it work. Thusly why they debate such things and discuss and/or argue over the effects it would have.
Perhaps some of us are a bit quick off the hip by blasting this as being a bad idea when it really is still a work in progress.