I don't know much about the pipes actually, but I do believe a new one is being constructed. That said, I am curious to know the answer to this question too.
I guess torrenting within the borders will be a speedy affair however.
Allow me some time to find the statistics again on this, but from what I've gathered following the NBN debate for a few years now: No. The pipes are more than double our current requirements and growing faster than requirements do due to some funny incentive scheme.
Total capacity: ~2TB/s [1], but the PPC-1 line has potential to add another 2.5TB/s. The others are being upgraded too [2]. "Currently, Australia has a theoretical 5637734.4Mbit/s of transpacific bandwidth, however lit capacity is much less."[3]
"The total international capacity in use for the Australian market in 2009 is estimated to be around 300 gigabits per second."[4]
I guess torrenting within the borders will be a speedy affair however.