According to Paid Content, Yahoo! has launched: Yahoo7, which is a joint venture between the Seven Network (TV) and Yahoo Australia and New Zealand, to take on Australia's popular portal ninemsn (another TV/Web partnership).

Yahoo7 will replace Yahoo's Australia/New Zealand portal. Yahoo7 is clearly aimed at Australia -- and uses the .au domain -- but Yahoo! still refers to it as a pan-Oz/New Zealand portal, as shown here in this excerpt from Yahoo's global gateway.

I find it interesting that Yahoo! groups two countries that often view themselves as rivals (particularly in sports) into one portal. It would be similar to grouping the US and Canada together. Sure, there are similarities, but there are just as many differences.

Here's an article on the launch from ZDNet.