It was called Australian New Wave and while much of it could not be called high art, it was distinctly Australian and did well overseas. For some reason the Australian Film then lost it's way, only recently again showing signs of life and cultural independence.
Within Australian New Wave was a group of films which took advantage of the introduction of the R rating in 1971. In the words of one commentator it was "a time when break-neck-action, schlock-horror, ocker comedy and frisky sex romps joined a uniquely antipodean wave in exploitation cinema".*
The film Not Quite Hollywood takes a look at the Ozploitation films of the 70's and 80's and is worth the price of admission. Humorous, shocking, and educational for those of us who were too young to be allowed to go to see these films when they came out.