I work for a company run by a guy who is quite the entrepreneur (has started about 5 different companies, only one is a web application related company) and I've been fortunate enough to experience what it's like getting venture capital in Australia, it's basically impossible. Case in point a client of ours has just started an online shoe store and instead of trying to get Australian funding which they've described is almost impossible and the odds of a large investment amount are next to nothing (even with a solid business/revenue plan and or established business). They're currently raising capital in China and Europe because nobody in Australia wants to fund them, they're making revenue but need cash to expand.
There is a lot of talent here in Australia I know of many talented programmers and designers working on startups, but they will all fail to get funding and dwindle unless they decide to go it themselves and build on credit.