The preamble says:
The Australian Government is improving the integrity of the ASIC and MSIC schemes
What a joke! The only benefit is financial, and strictly limited to those who issue the ASIC cards. If somebody wants to disrupt aviation in Australia they certainly won't bother applying for an ASIC, so it's us compliant mugs who fork out a couple of hundred bucks and every 2 years have to prove who we are to a much greater standard than our passports, which last 10 years. Both my Passport and Driver's Licence are good for ten years, but if you send the same photo from your previous ASIC renewal it won't be accepted.
It might make the public feel good, but it won't make them any safer from someone intent on harm. Melbourne now has concrete blocks strategically located around city landmarks, which do two things. (1) somebody is making a lot of money selling overpriced concrete blocks to gullible authorities and (2) anybody intent on harm will seek out a location without them. Same with ASIC - an impost without purpose or benefit.