What is this Data Retention Bill all about?

In brief - Telcos and ISPs to be required to store customer metadata for two years

The Telecommunications (Interception and Access) Amendment (Data Retention) Bill 2015 (Cth) ("the Bill") will require Australian telecommunication companies ("Telcos") and internet services providers (ISPs) to confirm that they store a broad range of customer "metadata" for mandatory periods (currently two years).

Proposed legislation to affect professionals who collect information

In particular, the proposed legislation intends to clarify when law enforcement can access metadata, (which includes information as to the time and location of a communication) without a warrant and when a warrant for the same information is required.