GamerChip is reporting that a censored version of Fallout 3 will indeed be available in Australia:
Fallout is an apt name for the upcoming game. The Australian media has been whipped into the closest thing to a frenzy we have here for the gaming industry over the ban on the upcoming Bethesda title Fallout 3. But according to EB and Game representatives, Australia will be receiving the game, albeit in a modified format. The new, friendlier version, will have the drug use removed that saw the game banned in the first place. Both EB and Game are currently taking pre-orders for the title. One representative from Game, contacted this Thursday night, (after hammering home the “do you want to pre-order?” spiel) said that he had read on their internal communications only an hour before that Fallout 3 would be released this year.