The pricing differences suck, but it's not simply an exchange rate issue. Different countries have different economies, wages, etc. The minimum wage in Australia converts to $14.30 USD per hour. The minimum wage in the USA is $7.25 USD per hour. To earn $50 USD, someone on the minimum wage in the US would have to work 6.9 hours, whereas someone in Australia would only have to work 3.5 hours -- half the amount of time.
We might technically earn more per hour in Australia, but our stuff costs more as a result (and sometimes we get royally screwed no matter how you look at the figures). I'm not trying to defend Apple, just trying to explain it. Our best bet here in Aus is to get iTunes cards at 15% off (or the rare 20%). That brings the price down close to exchange rate level.