If you don't buy a lotto ticket you have zero chances. With the general public distaste for cyclists I don't see much of a chance but this could be about the long game and planning for cycling in 15 years when politics evolves, car congestion worsens and cycle transport becomes an escape plan for politicians.
I agree that, politically (being the art of the possible), BN has likely selected what they see as the "possible" winner, despite being nonsensical.
It also plays on the general disinterest (outside 2GB land and the odd officious country cop) in enforcing MHLs.
A logical "compromise" (in that only being partially eaten is a compromise) would be MHLs for those who'd benefit from them: roadies (hello AGF), MTBs, BMXers and high speed commuters. How to tell? Anyone wearing clipless shoes or body armour.
Easy to write as a regulation but probably a step too far politically, as we're still in denial about why riding on the road might benefit from PPE. At least some of the coverage is getting the 80% number into press.