We still don't know exactly what data will be retained, but the Federal Government confirmed this morning that it hopes to have legislation forcing telcos to retain a wide range of metadata about customer activities for a period of two years, something that's likely to cost $200 million or more (and therefore make the cost of internet access higher).
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Luke at Gizmodo has full coverage of the announcements this morning. The legislation will be introduced once a parliamentary standing committee investigating its scope reports, which is expected to happen before the end of the month. Prime Minister Tony Abbott described the current approach to data retention as a "burning platform", which doesn't make a whole lot of sense to be honest.
Here's How Tony Abbott Defines Metadata [Gizmodo]