To paraphrase Prince, I think Australia needs another group deal site like it needs a hole in the head. But given Groupon's dominant position in the US market, its Australian arrival in the next day or so will be a big deal.
The Facebook page for Groupon Australia says it will "launch within the next 24 hours". Given the tight competition in this market, even amongst sites which aggregate other deal sites, it may have its work cut out, though of course brand loyalty doesn't count for much with group deal sites. The big brand recognition issue? Right now, the site is using the domain stardeals.com.au, though that could get fixed prior to launch.