http://www.comlaw.gov.au/Details/F2011C00162/Html/Text#_Toc288127330
>4A Importation of objectionable goods
(1C)
(2) The importation of goods to which this regulation applies
is prohibited unless a permission, in writing, to import the goods has been granted by the Attorney-General or a person authorized by the Attorney-General for the purposes of this subregulation.
(2AA) In considering whether to grant a permission under subregulation (2), the Attorney-General or the person authorised by the Attorney-General is to have regard to:
(a) the purposes for which the goods are to be imported; and
(b) the extent to which the person to whom any permission to import the goods would be granted conducts activities of an artistic or educational, or of a cultural or scientific, nature to which the goods relate; and
(c) the reputation of the person referred to in paragraph (b), both generally and in relation to an activity referred to in that paragraph; and
(d) the ability of that person to meet conditions that may be imposed under subregulaton (3) in relation to the goods; and
(e) any other relevant matters.
(2A) The Attorney-General may, by instrument in writing, appoint a person to be an authorized person for the purposes of subregulation (2).
(3) A permission under this regulation shall be subject to such conditions imposing requirements or prohibitions on the person to whom the permission is granted with respect to the custody, use, reproduction, disposal, destruction or exportation of
the goods, or with respect to accounting for the goods,
as the Attorney-General or a person authorized by the Attorney-General for the purposes of subregulation (2) thinks necessary to ensure that the goods are not used otherwise than for the purpose for which he grants the permission.
Just write a letter to the Attorney General [http://www.ag.gov.au/www/agd/agd.nsf/Page/AbouttheDepartment_Contactus_Contactus] requesting permission for a subregulated import on the grounds that you are in good legal stead, that no person under 15 (or 18) will be exposed to, nor able to be accessing your 1 copy of the game on your chosen console you are importing it for.
Sure beats a $111,000 fine. >.<