The only reason ATSB are there for VH- registered aircraft is because they wrote the rules (TSI Act) around what their capacity (funding) is. I just can't see why the life of one Australian is more important than another depending upon whether you have numbers or letters on the aircraft. Surely this is about improving aviation safety?
If you look at the midair at Gympie, it could have very easily have been a VH- registered aircraft and therefore ATSB would have investigated and looked at airspace risk. We all operate in the same sky regardless of the licence we hold or the registration of the aircraft. Now, I don't disagree that the self administration allows for aircraft that don't meet airworthiness and design standards but same applies in the VH- experimental world and ATSB still investigate those..... MY mind just boggles with this stuff, it really does, because I just cannot see why they wouldn't investigate.
As far as be careful what you wish for, again, I don't disagree with you, but at least it'll be a consistent approach! And perhaps if the ATSB did have the funding it needs the resultant reports would be done in a more timely manner and be more useful.
Anyway, just my take on it, FWIW.