I'm not up to date on most of the newer ones, but these are among my favorites of some older ones:
My Brilliant Career (1979) - Gillian Armstrong
Picnic at Hanging Rock (1975) - Peter Weir
Galipoli (1981) - Peter Weir
Breaker Morant (1980) - Bruce Beresford
Careful, He Might Hear You (1983) - Carl Schultz
We of the Never Never (1982) - Igor Auzins
The Chant of Jimmy Blacksmith (1978) - Fred Schepisi
The Year My Voice Broke (1987) - John Duigan
The Rabbit-Proof Fence (2002) - Philip Noyce
I love the Australian films of these Australian directors. Many migrated to America, and I often felt their work suffered because of it.