Correct mate, I am an Australian. I would say that our job security level is closer to that of the USA than the UK, but I don't think it's exactly the same.

On the whole I've seen way too many good people let go from permy positions while other plebs are retained. In same cases there doesn't appear to be any rhyme or reason to who gets culled and when. To me that's a real sign that the "important" differences between permy and contractor are well in favour of the latter.

Cheers!