It's even funnier for those of us living in the tropics (Darwin, in my case). From where I sit Sydney's summers are pleasantly cool and dry.
"Territory Formal" is a short sleeve shirt and trousers. No jacket, no tie, no long sleeves. It is just too damn hot and humid.
I can usually spot "southerners" in the CBD: they walk one way up a street wearing the jacket and tie. They walk the other way, beet read, with the tie loosened, sleeves rolled up and jacket over their arms.