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I was wondering if anyone could please advise what would be the cheapest/best site from which to buy paints for Aussies?

Could try The Combat Company. I have no idea if they are the absolute cheapest, but they stock a pretty good range, and was the only place I could find Minitaire paints that I didn't have to ship from overseas for ridiculous cost. They're also easy and reliable.

But, as I said, there are probably cheaper alternatives,

What paints specifically were you after? Might help.

Hope this is useful.

I've mostly bought from the combat company, though I buy from local shops more than I buy from them. I like to see the paints in the flesh when I buy them. My local hobby store actually carries Vallejo model colour cheaper than anywhere else I've found it, though only the model colour range. There's another not so local hobby store (about 30-40 minutes drive away) that carries a range of Vallejo, Gunze, Tamiya, Humbrol, Life Colour, possibly more and have decent prices. This is their website, but I have never used the website I just go in and buy it in person....

http://metrohobbies.com.au/

If you're predominantly into Vallejo, there are a number of sites in the UK that will ship up to 10 or so at once with good shipping rates. The UK postal service restricting paints made it harder though, no more getting everything you need in one go. UK prices are (or at least were last time I had to buy some) a lot cheaper than Aussie prices so it's worth importing now that defiant games has closed up shop.

In no particular order, I've bought from these before:
http://www.snmstuff.co.uk/vallejo-game-air/
http://www.firestormgames.co.uk/paints-hobby-scenery/vallejo-game-air
http://elementgames.co.uk/paints-hobby-and-scenery/paints-washes-etc/vallejo-paints
http://www.waylandgames.co.uk/vallejo/game-air/cat_3221.html

If you need to order GW models, you could add paints to your order from the US which is a much better way to buy GW models than in Aus, especially if you buy in bulk. Discount Games Store is great for the models, though I haven't added paints to my order before.