Incorporation, specifically limited liability, is specifically there to make it easier and less risky to be an entrepreneur — no matter how hard a company gets sued, the owner can't (normally) be bankrupted.
Likewise insurance.
Also, quick Google immediately found that Australia has an equivalent to GDPR in the form of the Privacy Act (1988).
(Extra-territorial rules may seem unreasonable, but they are the flip-side to the internet not recognising national borders: everywhere gets to say you're operating in their jurisdiction).
Millions of EU citizens use WeChat, which is obligated by Chinese law to collect information not allowed by the GDPR, and the EU have not and will not be able to enforce an "extra-territorial effect" against Tencent.
Likewise insurance.
Also, quick Google immediately found that Australia has an equivalent to GDPR in the form of the Privacy Act (1988).
And GDPR has, by design, extra-territorial effect: https://gdpr.eu/companies-outside-of-europe/
(Extra-territorial rules may seem unreasonable, but they are the flip-side to the internet not recognising national borders: everywhere gets to say you're operating in their jurisdiction).