Some people do the Australian investment trade quite well. It used to be done mostly by Japanese investors, who borrowed money in Japan at low Japanese interest rates (~0.5%) and then bought US or Australian bonds at ~5%.

Here's a 2006 article that touches on it: http://www.theglobalguru.com/article.php?id=104&offer=GU...

The biggest problem is that you are at the mercy of foreign exchange rate variations, and picking them makes picking the stock market seem simple.