So, no more inter-party deals on group voting tickets (good riddance, that really was the worst thing that anyone has ever thought of doing to STV) and no more compulsory full preferencing.
There would still be an above the line option, but with preferences for parties determined by what the voter writes on the ballot: a voter could say put a 1 in the Green box and a 2 in the Labor box which would be interpreted as preferencing the Green candidates in the order chosen by the party and then the Labor candidates in the order chosen by the party. I suspect a lot of voters would just put a 1 in their chosen party's box and not go beyond that, especially given that that's what they do in the existing system, so there would be a lot of non-transferable votes.