I got some info from AutoDesk about their Design Visualisation Asia Pacific Tour today (http://south-apac.autodesk.com/sap/designviz/2007/main_au.html) which features speakers from 2 Aussie companies.
Digital Line (http://digitalline.com.au/) have done some nice work which you can see via their site.
Last Pixel (http://lastpixel.com.au/) on the other hand are doing stunning stuff on a nice range of projects from city planning to detailed interiors. Their showreel (http://lastpixel.com.au/showreel.html) is beautiful.
Here are a few images of the work Last Pixel have done:
[images from Last Pixel's site showing some of their work]
Real-time visualisation (perhaps with game engine tech) is somehting neither company's sites mention, this could be an exciting area going forward, not only being flexible and emersive, but also multi-person.
DAZ Victoria 4 Muscle Maps
DAZ Studios now have muscle maps for V4 which look like hey will add a whole new set of capabilities to the model. It could be great for artists wanting to get a feel for the underlying musculature. Some could use it for biological education even - they look very clever.
Here are a few of their promo images from the site (http://www.daz3d.com/i.x/shop/itemdetails/-/?item=5252&spmeta=ab):
[images from the DAZ site promoing the V4.1 Muscle Morph and Maps bundle]