I too am far from being a legislative expert, but I spent a lot of time with our Privacy Commissioner. From a Canadian perspective, I think the answer is probably yes, only because Australia went through some of that. It's more about providing clarity on what is private and what is public.
The great thing about open data is that it really starts to solidify what is open and publicly available, and also draws some really clear lines for what is private. So I would say it probably does. There are some things that need to be changed, because new definitions needs to be inserted into the legislation.