This is a move mainly directed at China

Australia's diplomatic relations with China have been a little rocky lately. And this could be what tips the scale. Earlier in the month, China denied visas to Australian journalists on the grounds of "frosty" diplomatic relations as they seek to push the Australian government to stop the passing of this bill. But evidently now, that has failed.

While this may not have a direct impact to the market, strained ties between Australia and China may not be something that Australia wants - in case this starts to lead to economic consequences.