I'm finding everyone's comments really funny - everyone in Australia has such a negative view on ourselves. I am Australian but have lived in London for 5 years, and travel to NY, Paris, etc for work often. It's only once you remove yourself you realise actually Australia does a lot of things very well.
I miss not only the labels, but also the independent boutiques. Perhaps because it is a smaller market, and we are physically isolated, but I think there is more creativity and smaller labels and boutiques have the opportunity to thrive.
I get pretty sick of mass-market, mass-produced high street fashion, and independent stores and brands just aren't as accessible - if they even survive at all (here in the UK). And everyone here does 'look the same', it's just its a different 'same' to the 'same' in Australia. I think you'll find you get that in any country! In London it's all Topshop-fashion-victim look.
Like Cicciolina said, sure perhaps NY or London has a reputation of stylishness, but you don't hear about how fashionable Texas or Birmingham is! And does it really matter if you don't have a Balenciaga shop near you, how many people were -really- going to buy it anyway? I'd trade that for having access to Claude Maus, Willow or anyone else!
And to everyone who thinks Aust. is 6 months behind, I know of many ppl who work at big labels and forecasters who actually look to the catwalk and street style in Aust and Brazil in the southern hemisphere to get 'inspiration' for their collections. I definitely saw cycling shorts in Aust. long before the catwalks over here.
The sooner Australia gets over its inferiority complex, the better! The grass isn't always greener. Inevitably the high street chain-stores will take over and squeeze out all the creativity of the independent labels and boutiques, but until that happens I urge anyone living in Australia to savour every good moment you have!