It looks like there will be no direct .au registration.

From: http://auda.org.au/2007npp/2007npp-19062007/

The Panel noted that:
? there is no groundswell of support among the general community for 
opening up .au to direct registrations
? even amongst those in favour of direct registrations, there is little 
likelihood of agreement on a method for implementation.

For these reasons, the Panel agreed that it would recommend to the auDA 
board that .au should not be opened up to direct registrations at this time.

It was suggested that opening up .au may be more achievable in future, 
with the possibility that technological developments could help to 
overcome some of the implementation difficulties.