Australia is a very good jurisdiction for legitimate ICOs.
The definition of securities is very narrow and does not catch most tokens.

Legitimate utility tokens (which exchange ETH for a token providing some service or utility) will likely fall under the barter exception.

The law is clear and the regulator has much less discretion than in the US.
ICOs just need to follow general laws about truthful advertising.

It is an advanced first world English speaking economy with a wealthy population and is generally crypto friendly (they changed the law to exempt cryptos from GST/VAT).

Contact me for more details (I am Australian lawyer).