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It is one of the best films ever made, not only in Australia but in the world! The 1979 version that is!
As MOM says, the first Australian post-civilization film is Mad Max, a frightening portrayal of a dystopian future in Australia. Mel Gibson's career, one of our most successful and outlandishly popular stars, was also launched by the movie. There is a lot of violence, recklessness, and traditional gang fighting throughout the movie.
Moreover, on a $400,000 budget, it broke the record for the most profitable movie by grossing more than US$100 million worldwide. It has been said that the popularity of Mad Max helped expand the global audience for Australian New Wave movies.