If you want to know.. just read it...
Submissions by the affected parties here tell you why it is a problem:
https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/GasMarketCode/Submissions
source: https://www.aph.gov.au/DocumentStore.ashx?id=101fe8ad-9230-4ebc-886f-203e95a1a616&subId=747461
In other words, the bill created an extreme amount of red tape, damaging the gas market. The greens and Matt Canavan are against it for two different reasons.
If you want to know.. just read it... Submissions by the...
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