Doesn't that mean that they will still have to retain you from Aug (plus 3 months) as per the notice period? If you tender your resignation, does that affect your legal rights in any way? Are they allowed to shorten the notice period (without payment) if you resign as opposed to being fired?

In this uncertain climate, I suggest you do nothing and let them fire you instead. There are certain resources and payments you can only access if you were made forcibly unemployed as opposed to a resignation (e.g unemployment benefits or resilience package benefits etc).

They may not even fire you if they need to provide these 3 months payment in lieu, and if they try to make your life difficult and force you to resign, you should contact TAFE or relevant employment bureaus.

In any case, if you are still fired, you then have 3 months (working or placed on garden leave) where you can apply to firms in the interim. This is obvious, but do not accept any request to shorten the notice period unless you are corresponding paid in lieu.