We have Covenants at least in Victoria - https://www.planning.vic.gov.au/guides-and-resources/guides/all-guides/restrictive-covenants
Honestly, they're kinda stupid and should have a mandatory end or review date, mine has stupid clauses like you can't park a commerical vehicle within visibility of the street and restricts the material used for fencing etc
Generally security programs like this that do keylogging are context aware and don't include passwords, plus if it's a managed device they probably wouldn't need keylogging to obtain passwords if that was the objective. Significant amount of endpoint protection software will allow for RAM capture, which would have your passwords as well.
Furthering this, if you're accessing managed applications (say OneDrive or Sharepoint) it's common to prevent access to a device that doesn't have all of the monitoring software installed.