The region code is to limit the distribution of discs around the world. It's not likely to be able to play B movies but will still play A region movies regardless of the country it's located in.
The discs should play back on an Australian TV since they also support the same resolution as US HDTVs.
The AC in Oz is not the same as the US so you would need a player than can work with 230v 50hz or use a voltage converter.