I still think there's a very long way to go for Australians. If the US VCs decide to stop visiting, it's back to zero again.

There's no reason why a home-grown community can't be grown, rather than a SV outreach program. There's enough cash in Australia, enough smart people, enough regions with nice weather. But the risk-taking and open-minded parts are going to take a while to develop. Hopefully over the next decade things will develop further. I think what's needed is one or two massive wins (ie billion dollar valuations or exits) then the money stays here and goes around again.