Ditto that- If you can afford it, get a Foredom flexible shaft machine. If you are going to do any serious craftswork it is worth it's weight in gold. Much more controllable than a Dremel, and it can do more.
It isn't quite as portable though, that is the only downside.
You can get a much cheaper "clone" flex shaft from Enco or Grizzly- They work OK in general but lack the power of a similarly rated Foredom, plus their hand pieces are under-engineered and heat up if you run them for more than a couple of minutes at a time.
I don't know about availability "Down-Under" though.
Any Dremel is better than nothing though. Adjustable speed is nice to have; You can use a felt wheel to polish plastics (flashlight lenses etc.)if you are really careful on the lowest speed but a single speed or high speed setting will melt it in a half second.
I don't like the cordless ones though. They may be handy for quick jobs away from an outlet, but are wimpy and won't do for anything but very light duty.. (the 9.6V may be OK, I've only used the 4.8 and 7.2V ones.)
Black and Decker (which I normally hate) also has a pretty decent dremel like tool, and about 30% lower price than the equivalent Dremel.
As far as bits- I probably have a thousand of them from felt buffs to standard aluminum oxide and silicon carbide, High speed steel to metal carbide and diamond. I don't use the AlOx or other "stone" grinders very often, but they are nice to have around, and you can shape them do do special tasks which is nice.
The replacable sanding bands work great for a lot of things, but wear out so fast that you spend a fortune on them--- I finally invested $25.00 for a set of six diamond (in metal) bands that fit the expandable rubber arbors and have done enough work with them to have used up $50.00 of the paper bands and they are still like new.
Oh, I almost forgot: I probably use more cutoff wheels than anything else. Super handy for all kinds of metal work.... I even use them to sharpen or re-form taps and dies. The real thin silicon carbide ones are better and cleaner to use than the standard Dremel brand emery/AlOx ones if you can find them.
And the rubberized abrasive wheels and points (Craytex is most common brand) are great for removing grind marks, pre- polish, and a lot of other stuff.