The current (and future) regulations are the same as the ones that have been in since about 1982. The proposed changes were defeated by Windsurfing NSW and the Windsurfer One Design Class of Australia (as Maritime notes on p3 of the "Summary of Consultation and Recommended Action paper).
The current and future rule is that if you go more than 400m from shore, you must wear a PFD. Maritime had proposed that everyone sailing in the ocean (i.e. all wavesailors) and everyone sailing more than 100m from shore should wear a PFD.
Windsurfing NSW and the Windsurfer One Design Class lobbed in an extensive submission, with information from Surf Life Saving NSW, info about overseas laws, opinions from Jess Crisp and other legends, and other information that showed that Maritime's proposed regs were not just useless, but positively dangerous in the case of wavesailers.
To their credit, Maritime NSW accepted the case and did NOT change the existing rules. The rules now are just the same as they have always been - no PFD required within 400m of shore. In the future, Windsurfing NSW may try to get laws relaxed further but this time the vital point was to get rid of the proposed regulation.
It was rather depressing that Yachting NSW lobbied FOR Maritime's proposal that wavesailers wear PFDs, which obviously would be extremely dangerous (as Surf Live Saving NSW agreed) without asking either Windsurfing NSW or the largest class (One Designs) what we thought.
So....
If you don't like the idea of wearing a PFD all the time, join a WNSW or Windsurfer One Design club and help support the voice of the sport! It'll cost you less than you would have had to pay to get a PFD, and you'll be able to dive under mast-high waves instead of being thrown around like a cork!