Re: "primary effect" is infringement
I doubt youtube will be "fucked", regardless of what the idiots in charge of Australia do. It's not like Australia has a huge population. Getting youtube into NoRk is probably higher on the Alphabet agenda than maintaining its legal footprint in Australia.
Note I said "legal" ... Australians who want banned youtube content will be able to access it, one way or another. The Internet treats censorship as damage and routes around it may be an old saw, but that doesn't make it any less true.