I've said this to every single person who pushed for this.
"Imagine you're a teenager, and your parents and government tell you to not do something... What will happen?"
The answer is of course that they keep doing it anyhow. But hide it.
As an Aussie, and a parent. What I wanted was that the government mandate that in order for your website or app to launch in Australia, that if you want to allow kids between certain ages on the website/app. Then you need to have robust parental controls. Create family accounts where you can link parents and children, share whatever tracking/tracing you have with said parents and make it as good as you can. Mandate specific minimum controls based on what kind of type of app/website it is.
Put the control in the hands of the parents, and not this stupid one size fits all approach.