Depends on how you look at the CAO I guess:
Manoeuvring Limitations
(1) Except during take-off and landing, or where specifically approved as part of the programme of events, the minimum height at which any aircraft may operate shall be 500 feet above ground level.
(2) An aircraft in flight below 1 500 feet above ground level shall not:
(a) track or manoeuvre towards spectators within a horizontal distance of 500 metres; or
(b) pass within 200 metres horizontal distance from spectators.
The 'specifically approved' bit allows scope, otherwise aerobatics below 500 AGL in front of a crowd wouldn't be allowed for example, as I've seen civil pilots approved to do at airshows.
CASA certainly had a say in what we were allowed to do in the displays I was involved in, and tightened up requirements over time to prohibit looping manoeuvers back towards the crowd etc.
Anyway, doesn't really relate to the ADSB thing I suppose.