Chile, hardly world leaders in domain technology etc, but none the less seems like if they can do it, there's no reason it can't be done in .au. You'd probably just need to slightly alter the view we have on the legal status of a domain/license.
http://www.internetnews.me/2012/10/02/chilean-registry-drops-registrant-update-fee/
http://www.internetnews.me/2012/10/02/chilean-registry-drops-registrant-update-fee/