Yeah things are pretty tight here but the laws do have space for interptation. This particular piece wouldn't be a problem as it has not resemblance to a real gun. That price is pretty crazy though. Looks like I'm back to wishing... hahaI asked on Hasbro's FB page, we'll see what they say. As strict as Oz is with any type of firearm or even perceived firearm, I'd be surprised if it's even allowed in your country.
Edit: Yours is going to be a tad more expensive. EB Games Australia's site.