A friend just pointed me to this site.

ReelTime Media Ltd ("ReelTime") is rolling out Australia’s first national broadband TV (bTV) service to offer current release movies, TV episodes, favourite library titles, arthouse, foreign film and much more…all within the comfort of your home. Our content will be available for download to your PC in August.

Some experienced Non-Executive Directors on their board, including a former CEO of Channel Ten and a former CEO of VideoEzy.  The site says the content will be DRMd but no mention of price or what the playback devices will be. You can sign up to be notified when they launch. I’ll try to get someone from the company on the show.