Your Highness,
I think New Zealand have admirably demonstrated a rule set that works. Given how robust their aviation Industry is becoming is all the proof you need that good regulation works, allows industry to get on with it, and maintains an acceptable safety level.
Australia may be a pimple on the ass of the world, but we cannot live in isolation, the world is getting smaller and we have to compete, having unique, prescriptive, restrictive legislation is not going to improve safety nor create an atmosphere for growth.