I've looked into this briefly as I have family out there and thus it represents a realistic training route. As far as I can see, short of hour building, the only place to make meaningful progress towards a JAA licnense in Australia is with WAA.
If you can afford to go full time and are prepared to learn in foriegn airspace then it must be one of the best value options if your savings are in £s.
If anyone else has any other experience let me know.