I'd say it is in a number of ways, with the proviso that Australia is intellectually bland and, due to its distance and population, more expensive. With regard to the first item, that is my observation after living here for two years so far, but I do wonder if Aussies would revolt the way Americans are if the country started lurching leftward. Absent an explicit political philosophy, my guess is they wouldn't to the same degree. I would have to defer to our native born Australians here to provide their more educated opinions, though.
Jason, would you say, based on this "independent" spirit, that Australia is a more pleasant place for Objectivists to live than (most of) the US?
A couple things I notice that are wonderful here: people strike me as more courteous and friendly. If someone accidentally brushes you or bumps into you, they automatically say 'sorry' or 'excuse me.' Australians are also very hard working, but they enjoy their time off, too. Long holidays are the norm, but I notice that when Australians take time off from work, they plan well in advance to ensure everything is properly covered in their absence.
The food and coffee in Australia are several cuts above what one finds in America. Coffee is so highly regarded as an art form that if a barista makes a bad cup of coffee here (and bad is still superior to what's served in America), an Australian has no qualms about returning it. The barista will feel *embarrassed* that he rushed the preparation and will take pains to go slower to make a better coffee. That to me shows how committed to quality Australians are, even in the preparation as something so 'mundane' as coffee.
I could go on, but I think everyone gets the idea. I find living here to be generally wonderful, noting the shortcomings and having made peace with the long travel required to go nearly anywhere outside the country - aside from New Zealand.