I presume you mean Hola rather than Hulu, which is a totally different thing...
Anyway, there are plenty of ways you can get the BBC iPlayer working in Oz, but you may have to pay a small amount. I've been using Overplay for a while now and their cheapest service, just the Smart DNS should be all your need. There are alternatives out there as well, so everyone has their favourite.
It will set you back a little under AU$4.80 a month (US$5) which is what, the price of a pub beer these days in Australia?
Sure, I know people really want a totally free solution, but if it doesn't cost too much and brings enough joy then maybe it is worth it.
The advantage of this is that it will work on more than just a web browser. I have it working for my Samsung Smart TV and iOS devices, so I can watch the BBC iPlayer in full HD on my tele. But it will also work for almost any other internet connected devices that the iPlayer functions in.
It's easy to set up, as you just need to add the DNS addresses your Smart DNS provider gives you, and then associate your IP address with their service.
You will also get all the other UK services as well, plus American, New Zealand, French etc etc and because you are so far from the UK, it will work faster than a standard VPN (which also costs more)
(funny enough, as someone who moved from Australia to Europe, I use the same service to also access ABC iView and SBS from Germany)
There is loads of info on my blog including reviews of the UK services available as well as guides to set up.All services I review works through my Overplay Smart DNS (to keep things simple)
www.eyeondemand.com
You will also find the good folk here have lots of additional information to help you out.