My understanding is that this is based on the Singapore government's TraceTogether app. Vanessa Teague has been blogging analysis about the Australian government's approach:

https://github.com/vteague/contactTracing

Thankyou for that, great to see some insight from outside the government and media.

Any known issues like spyware or tracking with this app. This is a tracking app, is it not?

I don't have in depth knowledge about the app. It saves contact based on Bluetooth. At this stage I don't have much more info than what's in the main link or other recent news articles.