They do in NZ. Paracetamol is promoted as the safest, most well studied pain relief for short and chronic conditions. In Australia however they have just started limiting how many you can buy at a time for some reason while ibuprofen covers the chemist shelves without any such controls despite the risks.

IIRC it's because Paracetamol has low threshold for overdose, and is often blended in with other cold and flu medicines in Aus so it is easy to exceed daily dose if you are say, taking some conbination of paracetamol + Sudafed (paracetamol+decongestant) + drinking a Lemsip (lemony vitamin powder with more paracetamol).

It is only packet size restricted in supermarkets, you can still buy bulk packs from chemists.