My guess would be that Australian regulators could consider it as Google trying to play a loophole around their rules, so Google could be forced to exit the Aus

My guess would be that Australian regulators could consider it as Google trying to play a loophole around their rules, so Google could be forced to exit the Australian market altogether. Though I, personally, doubt it will get to that. Either Google will come to a satisfactory solution that won't piss off the Australian regulators or pre-emptively exit the market