Just like the US, we have loads of beer coloured water that tastes pretty awful. The homebrew / craftbrew movement is no where near as far along the road as the US, but it is picking up.
If you go to a pub and order a pint / middie / schooner whatever of any of the large commercial beers, you will be sorely disappointed. There are some micro's that put out some very good beers, you just have to look for them.
I like the idea of vegemite in a a porter or stout. That might actually give it a nice twang.
If you are planning to head west to Perth I can give you a few suggestions on where to go for a decent brew.