But don't worry! Customer support has assured that it will be up and running soon. The error consists of the three initial images loading up, but none of the categories do. You're still online, able to see friend lists and such, but the store is malfunctioning.
You also shouldn't fret if you discover that an out of country account receives the message upon signing in, along the lines of, "Use of the Playstation Network has been suspended", because this is part of the error. So no, Sony hasn't gotten mean and decided to ban users for using accounts that don't belong to the country you're in :3
Just thought I'd post this in case any fellow Australians were worried about what's happening. Also interested to know if this is effecting the whole Network and not just the Australian one?
Update: The entire Network seems to have gone down now, with users receiving the Error Code: 8002A220. The same error code that occured when the new store was being released
Update: Store seems to be fixed and all systems are go! That was fast :D