"In the Board’s opinion,Saints Row IV,
includes interactive, visual depictions of implied sexual violence which are not justified by context.
In addition, the game includes elements of illicit or proscribed drug use related to incentives or rewards."
We may have the R18+ rating now (just a re-badge M rating), but laws related to the above in games has not changed in Australia,
It gets an automatic Refused Classification.
Classification research - call for volunteers for research - hopefully the research has successful applicants that will be able to demonstrate that their opinions on classification are likely to be representative of a broader pool of people. The form also asks potential participants how they think they would react to viewing extreme content. It sounds, speculatively, like the Board is conducting an assessment of community values with regard to permissible content.
http://www.classification.gov.au/News/Pages/26June2013-Classificationresearchcallforvolunteersforresearch.aspx I don't see anything changing soon though.