It is quite common, at least in the circles I work in. I had a couple of colleagues that would travel from Poland to the England on Monday morning and back to Poland on Friday evening. He told me that his airline ticket was about 80EUR per week and his accomodations needs are being met by the company.
For a country as large as Australia, I keep thinking that air travel would be an extremely popular travel mode, but I think the population is too small and scattered to support this.