Here are the details: http://www.itsanhonour.gov.au/
It only changes the domestic honours, I hold out hope for a revival of the imperial honours as well.
To quote said fact sheet:
Reinstatement of Knights and Dames in the Order of Australia
When will the first appointments be made (and of whom)?
· Governors-General become a Knight or Dame of the Order of Australia by virtue of their appointment as Governor-General.
· This means that, from 25 March 2014, Ms Bryce is Her Excellency the Honourable Dame Quentin Bryce AD CVO. From 28 March 2014, on retirement from the office of Governor-General, she will be styled the Honourable Dame Quentin Bryce AD CVO.
· From 28 March 2014, on his swearing in as Governor-General, General Cosgrove becomes a Knight of the Order of Australia. He will be styled His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd).
How will people be nominated for appointment as Knights and Dames?
· Recommendations for other awards in the Order are made by the Council for the Order of Australia to the Governor-General. However, for Knights and Dames the Prime Minister will make recommendations for appointments to Her Majesty The Queen for approval.
How many appointments will be made?
· There will be a maximum of 4 appointments a year, excluding honorary appointments of non-Australian citizens.
Will people previously appointed as Companions in the Order (AC) have the opportunity to convert their title to Knight/Dame?
· No. The titles of Knight and Dame are a level above Companion (AC) of the Order of Australia. The Order now consists of 5 levels:
AK/AD – Knight/Dame of the Order of Australia
AC – Companion of the Order of Australia
AO – Officer of the Order of Australia
AM – Member of the Order of Australia
OAM – Medal of the Order of Australia
Where does Knight/Dame in the Order of Australia come in the order of precedence?
· Knight/Dame in the Order of Australia (AK/AD) is already included in the Order of Wearing Australian Honours and Awards.
· Australia’s highest gallantry and bravery awards, the Victoria Cross for Australia (VC) and the Cross of Valour (CV), are the only Australian awards that take precedence over Knights and Dames in the Order of Australia.
· Some honours that can be awarded to Australians by Her Majesty The Queen in Her personal gift also take precedence: Knight/Lady of the Garter (KG/LG), Knight/Lady of the Thistle (KT/LT) and Order of Merit (OM).
· Some imperial awards no longer available to Australians are also listed higher than AK/AD: George Cross (GC) and Knight/Dame Grand Cross of the Order of the Bath (GCB).
What do you call the spouse of a Knight/Dame?
· The general protocol is that the wife of a Knight is known as ‘Lady’ followed by the knight’s surname. There may be variations in particular circumstances. The husband of a Dame does not derive any style or title from his wife.
Department of the Prime Minister and Cabinet