Thanks MarkerInbound,
It would appear that you are absolutely right.
A visit to the FSDO with my FAA verification letter resulted in an FAA-issued pilot's certificate, and a chat with the staff there revealed they believed some kind of flight review was required as well, though they didn't go so far as to say it was actually a flight review, nor could they highlight the regulation saying so.
The next day, a visit to a flying club, the CFI gave me one and a half hours ground and 1.7hrs flight covering everything I would expect from a flight review, minus the cross country nav.
Prior to all this I spent two days reviewing part 91 of the FAR, noting all the small and big differences between the Australian regs and the US regs, which was very helpful.
All in all, very educational and money well spent. And, of course, the review lasts for two years.
To answer your question, yes we are required to complete flight reviews in Australia. Now, my question is, does this FAA flight review count in Australia?
Cheers, rubber