Political parties will wear a $10k fine. A good lie is worth millions to them especially if they win govt.
Political speech is way too nuanced to be restricted by legislation of this kind. Was The Voice proposal racist? It depends. Yes says no. No says yes. Both sides can be right and wrong. Is TUSotH one page or eighteen? Were we voting on just the Voice or Voice, Truth, and Treaty? Depending on who/where you ask you'll get different answers. There are very few absolute right and absolute wrongs in politics. Even the 'fact checkers' got it wrong on occasion during the campaign. The referendum would be an even bigger shitshow, with finger pointing and accusations flying, if political speech was deemed wrong and penalised.
I live in a country where similar laws already exist and the govt uses it to shut down speech it finds (rightly or wrongly) objectionable. It often does this by finding a minutia of perceived incorrectness and forcing the publishers to retract and apologise under the penalty of fines and publishing bans. It's chilling.
That's going into Google's pocket, not the creators'.