Draconian? Maybe.  Effective?  Absolutely not. Please sign the petition to voice your rejection of their proposal.

The GetUp factsheet gives a good overview of the issue.  Here are some quotes from the factsheet:

Lack of transparecy

Senator Conroy has said that a number of western democracies already have a similar scheme in place. In fact, as Senator Conroy later admitted, no western democracy in the world has introduced mandatory server-level filtering. In countries where it has been introduced – countries such as Saudi Arabia, China and Iran – the schemes have not effectively done the job for which they were designed. In each of these countries, the filter can be easily avoided. No country in the world goes as far as dynamically analysing web traffic in real time, as Australia is proposing.

Australian connection would become 87% slower

The measures will make the internet up to 87% slower,4 which is bad for access to information, and terrible for e-commerce. The Government has invested $10 billion in the development of a high-speed broadband internet – an initiative that will be drastically undermined by this ISP-level filter.