Communications Minister Senator Stephen Conroy has said that the filter will block only content that "you can't buy [on] DVD" or watch on TV.
I'm assuming that this means 'released material only' not stuff that has yet to be shown or made available to purchase. This sucks for anyone wanting to catch-up on their favourite TV show when the networks here refuse to show it or give it a regular airtime.

The government is really trying to control what we all watch and when aren't they. Sounds familiar to another country I know of...