Australia does not have a bill of rights. Our freedoms are guaranteed by our participation in the electoral process which is very high. This government governs with a large majority and the social media legislation is broadly popular with parents and older people.

The law of unintended consequences will apply. The legislation has been written in such a way that there is some flexibility in the application and there are some safeguards but its not directly addressing some of the biggest social harms. It's primary purpose (despite the conspiracies) seems to be populism and being seen to do do something for the kiddies.

The much bigger social problem is gambling which is out of control here. The second, related problem, is the use of techniques and studies by the gambling industry in games and social media to increase engagement which is what is messing with peoples heads. The government does not dare to touch the gambling industry or stop algorithmic placement of content. This would cause immense damage to company profits and create lobbying pressure.

Like what?

Kids not being able to do particular things until they're of age? That's much of an egregious violation of their civil rights.