I had some friends in Hot Rod land that sat on the committee that worked with the department of transport and each of the states rego departments, like Vicroads here. They have some mussel when it comes to a lot of issues with club rego and such. You have probably noticed that Hot Rodders can get away with a lot of things that would normally be impossible. Plus it does help that the cars are decades old. But regardless there is still a lot of Modified cars out there on full rego, so it does not seem fair.
Anyway, back on the subject. When this committee was talking about imported cars and what should be allowed and shouldn't - the department of transport was going to put together a register of special and rare vehicles which they were prepared to exempt from a lot of the laws, as they realised that they would not be driven as a daily driver, etc, etc.
This turned into SEVS. But once the bureaucracy got a hold of the idea it was crushed and the RAWS system was introduced at the same time.
The idea of the special interest vehicle register was that if eg. an F40 was brought into Australia it could be rego'ed with special Federal plates, could be left LHD and driven - but there was going to be restrictions, something like the club rego rules now.
But this never happened, and my friends resigned from the committee before we found out what the deal was.