Essentially the Rudd Government is planning to filter and monitor everything every Australian does on the internet, and will ultimately decide what you can and can't look at.
The plan was first created as a way to combat child pornography and adult content, but could be extended to include controversial websites on euthanasia or anorexia.
Communications minister Stephen Conroy revealed the mandatory censorship to the Senate estimates committee as the Global Network Initiative, bringing together leading companies, human rights organisations, academics and investors, committed the technology firms to "protect the freedom of expression and privacy rights of their users".
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AND to make it better Conroy has come out today and said the plan may extend to "peer to peer" technology such as Limewire & BitTorrent.
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Now I fully agree on the child porn filters (which is near impossible as they'd hide them somewhere else) but Adult content, no way, and peer to peer

Here's a good website that explains it well. No clean feed = http://www.nocleanfeed.com/