Microsoft this morning announced Office 365, its next step toward full cloud integration, to be released some time next year. The service intends to "brings together Microsoft Office, SharePoint Online, Exchange Online and Lync Online in an always-up-to-date cloud service".
It appears that Office 365 will be an small business and enterprise-focused tool (i.e., it doesn't seem like it's made so much for personal use). Microsoft has said it will be available in Australia next year, but hasn't specified an exact date or any pricing details. If you or your company is interested in participating in the beta, you can try and sign up at the Office 365 home page.