I think the Aussie approach makes perfect sense. I'd be interested to see what impact (sorry) it had on accident figures.
A report by the Curtin-Monash Accident Research Centre:
The relationship between vehicle performance and novice driver crash involvement
"To date, Victoria and New South Wales (the longest operating programs) have not per se evaluated the impact of their vehicle restriction programs on novice driver crashes. New South Wales claimed that their recently identified reduction in novice driver crashes and traffic offences had more to do with the overall package of recently introduced graduated licensing initiatives than vehicle restrictions per se. Of the many initiatives recently introduced in NSW, it was reported that the automatic suspension of provisional drivers for three months upon incurring any speeding offence had been particularly successful in curbing speeding behaviour (21% reduction in speeding offences from 06/07 to 07/08) and related crashes. In NSW, as in Western Australia, provisional drivers are automatically suspended when they have accrued four demerit points. Unlike Western Australia however, the demerit point penalty for the lowest level speeding offence committed by a provisional driver in New South Wales is four points-which by default will result in the automatic suspension of the driver's licence.
To conclude, it would appear that the existing Australian vehicle performance restriction schemes were primarily introduced in response to political and community pressure rather than strong existing evidence in support of higher performance vehicles being a significant contributor the crash problem of young novice drivers. Consequently, the operational definitions of a high performance vehicle across the schemes do not necessarily align with a known increased risk of crashing for this driver group."