I imagine that the government would begin at the executive level and ask "who else needs to know" and then work down the list to compel individuals or teams as required.
Similar processes already exist for other legal/police requests. If this legislation is used, companies like Telstra will have dedicated teams to comply with requests.
If your new Australian Citizen hire can build back doors into your software you've got bigger issues than hiring. Though I could see real risk associated with an Australian-based team for a global company or an Australian-based supplier.
This is a dumb, untenable, largely unenforceable and pointless law.
Even if Apple were to start delaying product releases in Australia by six months to do "legislative compliance reviews" or some such. With telcos on-board, this might encourage our politicians to listen to actual experts when touting this kind of legislation.
I'd note that it's very intense, but worth the six hours. It really tries to get at the underlying thinking behind those involved in this kind of thing.
These exist, are in use and have been commercialised.
If you look very closely at the expiry date printed on packaged products you'll often find it's actually laser etched, not printed. It's considerably more reliable and readable, particularity for small fonts.