I am also out here as I write flying on the back of my UK PPL. There are a couple of options depending on how long you plan to say here. I am flying on whats called a Special Pilots Licence (SPL) and other than filling in a few forms (and waiting 3 months) I just had to have a single checkout flight and was good to go. Worth reading up on radio/air law procedures, although not too different from UK. I had a couple of flights with an instructor to get used to the phraseology and local procedures and I have been fine (IMHO) since.
You can also convert to a Oz (CASA) licence and you have to do a single ground exam which covers everything and a flight test. You will be made to learn more doing this which might not be such a bad thing!
I did read when i applied for the SPL a year ago that it was being phased out. Not sure what the score is at the moment. It lasts indefinetely as long as your UK licence and medical is current! I will have been flying on it for 18months by the time I leave.
BTW, flying in Oz, particularly Sydney is awesome. So much variation in such a small area!
JB