The announcement is likely to send shivers up the spine of cable TV providers, most notably Foxtel, as Australia is already estimated to have up to 200,000 Netflix subscribers who have managed to get the service from the US. The availability of a local service will increase this number by large multiples.

Consumers will be able to purchase Netflix gift cards in denominations of $20, $30 and $50 at participating Australian retailers, including Woolworths, Coles, Big W, 7-Eleven, Australia Post and Officeworks. Netflix will offer a single-stream standard definition plan, two-stream high-definition plan and four-stream 4K ultra-high definition “family” plan. Details on monthly pricing will be available at launch.

At launch, Netflix will be available on smart televisions manufactured by Samsung, LG, Sony, Panasonic, Philips and HiSense, and Fetch TV’s second-generation set-top box. Film and TV fans can also access Netflix on game consoles, including Sony’s PlayStation 3 (PS3™) and PlayStation 4 (PS4™), Microsoft’s Xbox 360 and Xbox One, and Nintendo’s Wii U, as well as Apple TV, Google Chromecast, and Apple and Android tablets and smartphones.

Netflix will be available on all major Australian broadband operators. Customers of iiNet, the nation’s second-largest DSL Internet provider, will have access to three seasons of the political drama House of Cards, family thriller Bloodline and other movies and TV shows from the Netflix catalogue, with no fear of the usage counting against home data caps, under the first un-metering agreement announced with a major broadband provider in Australia.

Australia's number two telco, Optus, has also declared itself to be a player in the Netflix game. "Optus broadband consumer customers will also be able to access as much Netflix content as they want, without metering. Netflix Australian content won’t count towards a customer’s data cap," Optus told iTWire in an email statement.

“Many Aussies and Kiwis have heard a lot about Netflix over the years, and we’re excited they’ll get to experience our unique blend of Netflix original content, local series and films, and popular movies and TV shows from around the world, all for a low monthly price,” said Reed Hastings, Netflix co-founder and chief executive officer.

Starting today, consumers in Australia and New Zealand can find the latest updates on Netflix content and social happenings via the company’s local Twitter and Instagram (@NetflixANZ), Facebook (www.facebook.com/NetflixANZ) and Tumblr (NetflixANZ) accounts.

"Offering our customers quota-free access to Netflix is yet another demonstration of iiNet’s commitment to providing our customers great, hassle-free entertainment experiences," said David Buckingham, chief executive officer of iiNet. “iiNet is proud to facilitate consumers’ access to this great entertainment service."

Mobile users who sign up for specific plans offered by Vodafone in New Zealand will receive several months of prepaid service, whilst consumers purchasing Microsoft’s next generation console, the Xbox One, at select stores will receive three months prepaid access to the Netflix service, starting 24 March and for a limited time only.

“Xbox has a long association with Netflix around the world, and with this announcement we’re excited to bring our partnership to the millions of Xbox owners across Australia and New Zealand,” said Jeremy Hinton, business group lead for Interactive Entertainment at Microsoft Australia. “With Xbox One we are committed to delivering the best entertainment experience in Australian and New Zealand living rooms.”