Hopefully things are changing for the better: E.g. Atlassian - http://www.theage.com.au/small-business/entrepreneur/100m-so...
99designs - http://www.theage.com.au/small-business/managing/blogs/enter...
Continuing the Australia/99 theme, we might observe that 99dresses was almost thumped into oblivion (due partially to lack of investment) before it enjoyed the expertise of YC and the attentions of the YC coterie.
Given geographic inevitabilities and the lack of local investment it is hard to be optimistic about the Aussie startup scene, even given Fairfax media's recent (and beguiling) attempts to toot the local talent's horn.