Should've mentioned that there are several bike rental places in Sydney. You'll be looking at $100-250 a day depending on the bike plus a hefty bond. Not cheap. Almost worth buying and selling back to a shop (but I've got no idea about this).
If you like lager you'll do well in Australia.
Also, if the trip falls through for whatever reason the SBK race at Phillip Island is also a bloody great event (better than GP in my view - many less people, bike access trackside, less tourists, less cops etc).
I've done the GP in Malaysia (back in the Doohan days) and it wasn't a particularly pleasant day. It was STINKING hot, there was no  (obviously), the track is miles outside of KL and a hassle to get to. But it was probably cheap, and it is always cool watching a race in another country.
cheers
Brett
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