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Now, this is true not just for commercial terms but general information enquiries, stuff that is the same regardless of the country. Essentially, to rank in Live in Australia, it's very tough unless you're .au or you are locally hosted.
One other thing that suprised me was that Australia seemed capable of serving up tons of quality pages for a wide variety of searches. I wonder: how may countries have a strong enough internet industry that they could support this kind of local emphasis across the full range of searches?