I am assuming that the banks involved have the 'legal' power that they need to freeze these accounts but I am also wondering what is going to happen when the accounts are unfrozen, can they refuse to do business with them ?
Whilst Bitcoin is not new it is also not as widely accepted as paper money be it dollars, euros or pounds, and most companies will not accept it as payment. Until such a time as the almighty dollar is not so mighty anymore we need banks as a way to pay bills, receive wages, buy goods - as much as we might fight the idea we do still need them at least for the moment and that is what they are holding onto - us needing them
If the Australian banks are freezing accounts how long will it be until other big banks decide to do the same, after all when Bitcoin becomes an everyday way to pay for things then there are going to be more than a few banks going under