> expressly forbidden to [...] use in any database and/or application for the purposes of providing, updating or maintaining any publicly available postcode look up or finder functionality;
You're not allowed to use the Australian post code database as provided by Australia Post to provide a lookup or finder functionality that's publicly available.
All of that data is approximated by the ABS from whatever body controls the "real" versions, but is 99% good enough for anything you'd want to do with it.
Australia Post, on the other hand, don't really use postcodes to deliver mail anyway, I've been told. They're a vestigal construct which are very prominent in people's minds but so fraught in the implementation that any systems which analyse them (including Australia Post's) work against them rather than with them. I didn't know about Canada's system — that sounds like a much better idea!
http://maps.google.com.au/?q=qld+4352
It's eight non-contiguous areas as far north as Caboolture and as far south as Casino, the biggest of which are not much larger than Brisbane City Council.
Edit:
There's a treasure trove in the post code boundaries of utterly bizarre things that only past houses being in weird places can at times explain.
http://maps.google.com.au/?q=act+2611 or this: http://maps.google.com.au/?q=sa+5710