It's harder to find great films because they are making so few of them right now. It's an economic's thing, I think tomorrow I'm going to start a Top 10 of 2011 thread to expose people to better films.
Ironically Australia's done pretty well with modern films, both The Square and Animal Kingdom were very good films.
The only Aussie films I own are Wolf Creek, and Picnic at Hanging Rock.
If you like Battle Royale check out a film called Evil Dead Trap.
I havent seen many aussie films other than crocidil dundee, wolf creek and some other low budgets. I think also the problems are 2 things, 1. Tarantino, Alexander Aja, Eli Roth, James Cameron, Robert Rodriguez are the only real good directors still working today as far as I know and more importantly 2. 90% of films consist of one or more of these things crappy horror movie reject ideas, things from books or comics or something are made a movie, original ideas are a distant memory, remakes and sequels and prequels are released monthly(saw,scary movie, they made scream 4 and Terminator 4 for gods sake) and then finally the stupidly popular even though bad series like twilight and saw and cartoon movies. It sucks