Can't they just make a special Australian version? In Germany they censor blood in games, right?
Sure, it can easily be modded, but it still svcks that the whole world gets a 'censored' version just because the policy of one country. Besides, Australia isn't that big of a market is it?
Usually the censored versions are very sloppy, due to there not being any time taken to actually fix anything. Biggest example, Left 4 Dead 2 for Australia. From what I read it was terribly buggy, and just altogether not worth it.
And for a country like Australia or Germany, yes there is a big market. Germany is currently one of the big markets for MMORPGs, or at least from what I've seen.
Also, it's altogether easier to have one version of a game that can be sold everywhere, rather than having to sell copies that apply to specific countries and there policies. Therefore, it was easier to have one copy of Fallout 3 to sell, rather than two copies, and only one could be sold in a certain location.