It was amended to make them less likely, but even the Liberals are saying that it can still be used to target encryption.

And the legislation still requires mandatory data retention and interception capabilities for all VPNs, encrypted messaging services, and every other online service.

If its modelled after the Australian Access and Assistance bill, which it probably is, they will just compel the app to provide the capability to gather the data before/after its encrypted/decrypted, and stream it to some kind of logging device the feds install in your rack.