From 05 April Private Pilot Licence holders do not have to hold a Class 2 medical. A DL,9 which can be issued by their normal GP, is all that is required. This will simplify and reduce the cost of aviation medical standards.
There are however some exceptions: if you wish to carry more than 5 passengers, exercise the privileges of an aerobatic rating, flight under instrument flight rules, towing drogues or banners below 500 feet, agricultural operations, night flight beyond 25 nm, parachute operations above 10000 feet, then a class 2 medical is required. There are also limitations when operating from an airport with a control zone, and overseas flying. Refer to CAA pending rule 61.155 for the full requirements.
See CAA link for the media release.