Speed Limits to Change for Cyclists

There is a proposed idea to change the speed limit of residential streets from 50km/h to 30km/h. This would mean the streets are safer and less busy for cyclists.
It is reported that a cyclist hit by a car travelling 50km/h has about a 1 in 10 chance of surviving. Whereas with a car at 30km/h, there is a 9 in 10 chance of surviving. The change would barley affect commutes of cars as it is residential roads they are looking to change, not main roads.
RMIT Uni in Melbourne tested the reduced speed limit and saw the bike travel double. The findings also come as Victoria is enacting a new speed limit law that allows councils to change residential speeds to 30km/h.
Should this law be brought to NSW?