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You're better off just opening an Australian bank account at one of the majors - if you do so within a short time of arriving (60 days?) all you need is your passport. Otherwise it goes on a points system - your various forms of ID (passport, driver's license, etc.) must add up to something like 100.
Australian service charges, though, are apparently the second highest in the world (Canada takes the prize). I'm Canadian and might tend to dispute that - I think theirs tend to be higher, especially with stamp duties etc. but then again I am one of those rare Canucks who is actually pleased with my domestic bank! Pay attention to the fine print, minimum balances, per-item fees, etc. They will probably still work out cheaper than an international account (which some Aussies might not accept and/or whose ATM cards might not work on rare occasions).
Stick with one of the big four or five (National, Westpac, Commonwealth, etc.) so you can move around and have a chance of finding a branch, or at least a postal outlet. I dealt with Westpac and had no dramas, but they were Just Another Bank who didn't make me feel either welcome or an outcast - be brief and be gone. Par for the course.
Be aware that even cash equivalent funds (cashier's cheques, in my case) will usually have a three day hold, and banks charge the earth for foreign fund conversions/transfers. Deal only in Australian dollars. When it comes time to cash out, your best bet for any significant amount is probably to get a draft in Euros and take it home.
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