As an Aussie, in the current YC batch, I have to say that the answer is unfortunately no. YC is just an unbelievable phenomenon, and I think it's unlikely to be successfully replicated anywhere.
To understand my answer, you really need to understand the value that YC gives you. The money is one thing, but it's really not that much -- I don't think you should be doing YC if the money is your primary objective. What has been amazing for me is the access to people who have, it is no understatement to say, changed the world. Getting office hours with PG is massively helpful -- it's saved us a bunch of time when we've been worried about something to just head into YC's offices and have a candid discussion about it with Paul, and he has a particular talent for focusing startups energy in the right direction (users and cheques!).
The big part of this that will be especially hard to replicate in Australia is the introductions to all these people -- fundamentally, those people live in Silicon Valley, and there's not much you can do to change that.
My last comment here is that I don't think Australia (well, Sydney in particular, that's where I'm from) has the same kind of acceptance of entrepreneurs that we have here in the Valley. It's pretty weird to go to a party and not run into someone else who is starting a company over here, but entirely the opposite is true in Sydney -- everyone who could start a company takes an ok job and enjoys the lifestyle. I'm not saying there's anything wrong with that, but you don't get the same exposure to the startup lifestyle in Sydney, and it's a big mental barrier to get over.
I hope I'm wrong, and I'd love for it to change, because I do think there's some real talent in Australia that could be doing great things (and frankly I miss the beaches!). But making that happen is going to be a lot harder than just throwing some cash around.