My understanding that the new law that will allow and regulate short-term holiday lets will not apply to genuine home sharing, which means the owners corp will not be able to pass a by-law that bans it.
If your by-law bans all holiday lets, regardless of whether or not the host is present – it is liable to be tossed out for being in conflict with superior law.
This is what the Fair Trading website says on the matter:
New planning laws will allow short-term holiday letting under certain conditions. If the host is present, they can use their home for short-term holiday letting all year round as exempt development. That is, they do not need to submit a development application to local council.
Bear in mind that this law has not yet been enacted, so we are still working on the old laws which may allow strata schemes to restrict holiday letting, depending on the terms of their development approval and council zoning (which often forbid holiday letting).