Commonwealth Consolidated Acts Commonwealth Consolidated ActsIt is by this Act declared and enacted that the sovereignty in respect of the internal waters of Australia (that is to say, any waters of the sea on the landward side of the baseline of the territorial sea) so far as they extend from time to time, and in respect of the airspace over those waters and in respect of the sea - bed and subsoil beneath those waters, is vested in and exercisable by the Crown in right of the Commonwealth.