On the commencement of this Act, the relevant land (other than the interests of the Commonwealth in that land) is, by force of this Act:
(a) vested in the Commonwealth; and
(b) freed and discharged from all interests (other than mining interests), trusts, restrictions, dedications, reservations, obligations, contracts, licences, charges and rates;
to the intent that the legal estate in the land and all rights and powers incident to that legal estate or conferred by this Act are vested in the Commonwealth.