No, it means (as I understand it) that they'll block approval of those items. The government has the choice to either rollover and take them out or refuse and that then means that supply is blocked. That means no funding for all operations of government (wages, defense etc) after a certain date. That's where I get hazy, I think it then means a forced election.
See
http://en.wikipedia.org/wiki/Australian_Senate under "Blocking Supply" for better info.
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