Yes, this is possible but it requires a bit of forethought.
First, Google for, and download something called LASORS 2008 from the CAA website. This is basically the UK ANO but interpreted by the CAA and put into a readable form, augmented with some CAA advice. (Although it's not always clear when they are interpreting the law for you, and when they are dispensing good advice.)
On your question specifically, LASORS writes:
In circumstances where previous flying training towards an ICAO PPL(A) (non-JAR-FCL) has been conducted but no licence has been issued, PLD will consider the crediting of such flight time towards the issue of a JAR-FCL PPL(A). In all cases, applicants must apply in writing to PLD enclosing appropriate training records and flying logbooks for the PPL training received. PLD will review the training records to establish a course of training and advise the applicant accordingly.
In addition to any additional training required (where there is a shortfall of requirements), applicants will be required to complete One cross-country flight of at least 270km (150nm), during which full stop landings at two different aerodromes from the aerodrome of departure shall be made, pass all the JAR-FCL PPL(A) theoretical knowledge examinations and pass the PPL(A) skill test.
(LASORS section C1.)
So what you need to do is establish a training record which is acceptable to the UK CAA. In addition to the normal logbook entries, you will need a list of exercises you've done in each flight. It also helps a lot if you get a copy of each instructors license: after a flight your instructor will normally sign a logbook entry and put his/her license number next to it. But the UK CAA has no record of AUS license numbers, hence the copy. And lastly, once you leave the Australian school, make sure they stamp, sign, whatever, your logbook and training record with "logbook entries verified and correct" or something like that.
And if you want to have the process run more smoothly even, why not write to the UK CAA beforehand and ask them what they need exactly. If you refer to LASORS section C1 they know you've done your homework and can probably answer real quickly. If you then follow their advice, and refer to their advice in the cover letter of the package which eventually goes to the UK CAA to validate your hours and decide on a further training plan, things should sail through the system.