The right in Australia has every legitimacy to express disdain with the media legislation. The legislation will not get through without some modification.
Even if the legislation were successful it would make no difference. The procedure should be to present the information to the public in an objective way. This is never possible, but the media can make an attempt to follow this guideline. And usually does in most cases.
There is no need to present the legislation as a false dichotomy. The legislation would not result in our media industry becoming a Pravda publication. This type of stuff is sensationalist, false and misleading.
The link you provided did make mention of a sensationalist editorial in one of its publication and the right defended itself by saying it was only suppose to be,"light entertainment with some humour".
The difference here is that newspapers(right or left) has the right to say these things in public, so long as they are prepared to take a public responsibility when they do.
Tut