Small players don't do business multi-national (mostly).
Actually, I think it would be much easier just to change the tax law to ignore related party transactions. So, if one company owned or had a beneficial stake in another, or common board membership, or had a board membership that was majorly composed of staff of the other company, that first company could not claim (1) fees for use of IP, (2) interest, (3) management charges, or (4) other imaginary charges from the second. Any charges for physical goods would have to be declared and the legal onus would be on the supplying party (overseas) to prove the cost of goods is realistic. Open, audit able books, so no hiding tax or bank accounts in tax havens.
If the the transaction is between unrelated companies, then charges are fully deductible.
Businesses are free to trade with whoever they want. But there becomes less of an incentive to implement transfer pricing. You could still do it, but both the buyer and the seller would have to agree to be fully accountable.
(P.S. Rupert Murdoch owns the media in Oz, so don't expect to find the Herald-Scum or any like publications inciting the masses to rise up over this issue.)