It is. The actual text of the law makes it very clear and it has been discussed a lot. That Home Affairs webpage that tries to spin it is yet another disturbing sign.
What about Australia in comparison? Australians can be legally compelled in secret courts to install backdoors in the companies in which they are employed, and gagged from telling the company itself or any journalists (see the Access and Assistance Bill). That doesn't cross the same 'agents of the state' line?