We have government regulation. We have divided responsibility over this. Our constitution, in force in 1901 they didn't have television.
The 'press' was therefore under each state's laws. However the constitution gave control to the federal government to 'telegraphic, and like services'.
When radio came in it was ruled that this was a 'like service' and by extension, when television came in, it too was deemed a 'like service' and thus both these forms are controlled by the national government.
Very early on the federal government operated its own media with the Australian Broadcasting Commission (ABC) (now called the Australian Broadcasting Corporation). The ABC is akin to Britain's BBC, in that it is 'independent' even though government owned. It runs radio, tv and now podcasting and other services.
However we have commercial entertainment; the Channel 10, Channel 7, and Channel 9 networks are all 'free-to-air'. There's also cable networks Foxtel (a partnership between Telecom and FOX), Optus and Galaxy.
There's also the strange SBS network which is "hybrid funded". SBS plays a lot of foreign language tv shows, news, films etc. And do multi-language radio programs.
The press is as 'free' as it can be insofar as there's very few owners. Rupert Murdoch, the Australian-born American owner of FOX has a large tabloid newspaper chain that is rabidly pro-conservative
Fairfax Newspapers own the 'quality' (broadsheet) papers such as the Melbourne Age, and the Sydney Morning Herald.