Looks like sanity has prevailed, at least to a certain degree and the import rules for one-handed opening folding knives will be cleared up, and opened.
https://www.comlaw.gov.au/Details/F2015L01968All it means for most is that prices here should drop, a bunch of stuff should become more available and therefor competitive.
Also of interest is "The amendment will allow importers to import single handed opening knives that can be opened by gravity, inertia or centrifugal force.
These knives have many legitimate uses, including for use in outdoor recreational activities such as camping, mountaineering and hiking. The controls on knives such as automatic, assisted opening and butterfly knives will remain under the PI Regulations."
I know that doesn't hold a lot of legal weight, but having hiking and similar activities mentioned will certainly help anyone who needs a lawful excuse.