http://www.virginblue.com.au/Personal/Flightinfo/Baggagedangerousgoods/Dangerousgoods/index.htm
Consumer Electronic Devices Containing Lithium or Lithium Ion Cells Batteries such as laptops, watches, video recorders and cellular phones are permitted in carry-on or checked-in baggage. (Note: Electronic Devices powered by Fuel Cell Systems are only permitted as carry-on baggage). A maximum of two spare batteries or fuel cell systems are permitted in carry-on baggage only as long as they are not damaged and battery terminals are insulated to prevent short circuiting.
Qantas goes a little further in specifying a lithium content per piece, which probably limits the impact on photographers...
http://www.qantas.com.au/info/flying/beforeYouTravel/dangerousGoods
Not more than two spare lithium or lithium ion cells or batteries, for such consumer electronic devices may be carried in carry-on baggage only. These batteries must be individually protected to prevent short circuits.
Note: There is no limit to the number of batteries with a lithium content of less than 8grams
How it really works in relation to camera equipment, etc. will be interesting to see over time. No doubt (as with most things of this nature) Australia will follow the rest of the world (read America) rather than working out what is really worthwhile
Strangely, you can take onboard with you an Avalanche rescue backpack -
one (1) per passenger, equipped with a pyrotechnic trigger mechanism containing less than 200mg net of Division 1.4S and less than 250 mg of compressed gas in Division 2.2. The backpack must be packed in such a manner that it cannot be accidentally activated. The airbags within the backpacks must be fitted with pressure relief valves.