Ive been searching Australian sites for Bag Balm every since Mitch and Molly mentioned it in a comment on my post about Pennys sore paws, but had no luck. But today I went into my favorite pet shop, Murphys, and asked if there might be an Australian equivalent. This is the most amazing store, with a great variety of toys, food, health items, grooming, and everything Ive ever needed. (No, I dont have anything to do with the store except to be a satisfied customer, lol.)
The product I came home with - Deri-Sal - was quite expensive, but Im glad to have it on hand for the future. I think Id use it on myself, if I had a skin problem, even though its advertised as being for animal treatment only. Heres a photo of it:

I took a close-up of the label so you could see the ingredients. They are not the same as Bag Balm ingredients, though.

Wondering about whether zinc oxide might be dangerous, I was reassured when I read this page.
NOTE Wednesday 29 May 2013: I have subsequently had some reservations about using this without a covering bandage, because Penny might lick it off. Im going to consult my vet next time I take Penny for a visit.