I'm not sure if it affects Australia, but crap.
As unprofessional artists that are still students, how are you meant to complete your course, let alone your folio? $1000 indefinitely just to complete a portion your schooling? Wow. Crap. Please, show me an artist who makes enough money for this. They really picked the right stereotype.
And of course there's all the artists who are dead and can't physically protect their work. Because of the dead thing.
I hope it never reaches Australia.
All my sympathies go out to those in the U.S.