I just read the new rules for NSW and no specific reference to SUPs that I noticed.
There is mention of vessels undertaking a journey however the Oxford dictionary states a journey is travel by water or space over a long distance.
Surfboards seem to be exempt unless during toeing in wave riding situations then all need to wear life jackets.
Any comments and have I interpreted the new rules correctly?
The rules for SUP's come under the same set of rules for rowing boats and other human powered watercraft under international regulations.
There are the international regulations for the prevention of collisions at sea (Colregs) and then there are derivatives of those at a national and local level, but just as there are fundamental rules of the road internationally, the same applies to waterways.
I think you'll find SUP's are covered under similar categories to kayaks and canoes, however your local state authority will hopefully set you straight. Keep in mind that rules change from state to state and even within the state for NSW with different rules for alpine waters.