Agree, I think it's great refereeing. If there's more time in between the two challenges, for instance the referee plays advantage and the attack dies but the ball doesn't go out before the next yellow card offence - then it's still two yellow card challenges and they should both be punished.
Great to see a referee with enough balls to do it. Could teach the A-league referees a thing or two.
The number 1 takeaway from this for coaches, players, and fans is that cynical / professional fouls should be stamped out of the game.