Well, they tried.
Deep Silver's controversial, over-the-top Saints Row IV was initially refused a rating by the Australian Classification Board. But the game had a second chance when the Board opted to reevaluate and reconsider.
Unfortunately for Aussie gamers, the title will remain without a classification. As seen at the ACB website , Volition's product will not be given an R18+ rating because "drug use related to incentives and rewards is not permitted." Makes sense, I guess.
The Steam page is currently listing a "Low Violence" version of the game for Australia, which will be available on August 23. It's the unedited version that won't receive a rating, it seems. The ridiculous part about this is that the country in question passed the law that allowed for individuals of over 15 years of age to play video games. Prior to that, games that were deemed for adults were essentially banned because they couldn't get a rating.
Now, you have the rating but you won't use it. So why bother passing the new law in the first place?
Related Game(s): Saints Row IV