Since it's classified as an ultralight, you won't technically need a pilot's license
I dont know about Australia but in the US this aircraft could not be classified as an Ultra-light.
With the speed and altitude he plans for it I dont believe it could meet the requirements of an ultra-light.
It has been a long time since I read about them but from memory I believe that ultra-lights were limited to 55 knots (about 70 mph) and under 1000 feet
Here are the regs, IHMO no way is that thing less than 254 lbs.
****************************************************
This part prescribes rules governing the operation of ultralight vehicles in the United States. For the purposes of this part, an ultralight vehicle is a vehicle that:
(a) Is used or intended to be used for manned operation in the air by a single occupant;
(b) Is used or intended to be used for recreation or sport purposes only;
(c) Does not have any U.S. or foreign airworthiness certificate; and
(d) If unpowered, weighs less than 155 pounds; or
(e) If powered:
(1) Weighs less than 254 pounds empty weight, excluding floats and safety devices which are intended for deployment in a potentially catastrophic situation;
(2) Has a fuel capacity not exceeding 5 U.S. gallons;
(3) Is not capable of more than 55 knots calibrated airspeed at full power in level flight; and
(4) Has a power-off stall speed which does not exceed 24 knots calibrated airspeed.
At that speed and elevation, who’s going to catch you? /sarc