When choosing Australian domain names, you really have some important things to consider, not least Australian domain name policy. You want to choose the name that will draw the most people to your site. That has to be the overall goal. The first thing that you need to consider, then, is what strategy that you want to use. You can either buy a domain name that has keywords in it or one that gives you a brand that people will remember. Both options have worked in the past, so you need to weigh the pros and cons when you are trying to make a decision.
In order to understand this process fully, pretend that you own a company that sells discounted shoes for hiking, running, and the like. You want people to come to you for all of their needs in this direction. If you choose a name like Discountsportshoes.com.au, you will have three important keywords in the name. If people search for any combination of these words, they will have a good chance of coming to your site. However, they are not going to remember a name like that later on, as it is too generic and will not stick in their memory.
You could also name your company Red Mountain, and then start a site called Redmountain.com.au. This is much catchier. It connects with the Australian identity that your company has since one of Australia’s main natural landmarks, Ayers Rock, is a towering red stone. It sounds like many of the other names that people are used to hearing, either as names for other companies or for real mountains. This is not to say that it sounds exactly like them and will be forgotten individually, but just that it has the same word construction as a traditional name. This makes it memorable. If you brand it well, people will remember your site and spread the word to their friends.
The problem that you have with this, of course, is that no one who is searching for cheap shoes is going to search for the words “Red Mountain.” The only people who would are those who already know that your company exists. For this reason, it is often best to choose something that combines both tactics. For instance, you could call your site Redmountainshoes.com.au. This will help you to have a memorable name that will also contain some of the basic keywords relating to your product.