Regarding the Australian laws on driving, its as follows:
You cant drive a V8 with certain junior licenses. Once you get a full license, knock yourself out.
The reason was that kids were killing themselves and their mates in high powered cars. One particular example was the VS Holden Statesman, which I consider the chavmobile of Australia.
You could get one for 5-8k and then mod up its 5.7L V8 very cheaply as Holdens are very easily fixed and cheap to maintain.
An 18 year old with an antiquated 15 year old 250 kw rear wheel drive sedan and 5 friends in the car is a recipe for disaster. There were accidents in which multiple kids were killed.
This was implemented to save kids from themselves as you can still get an exemption for work purposes such as driving a ute as a tradesman or if your work gives you a V8 to tow material or
equipment. There is no taxation or chicken little scenario as you can drive anything once you,re on a full licence,
I was a stupid 19 year old once too (with a high-powered car to boot) and very thankful that I came out unscathed out of my stupidity. I treat my cars with a lot more respect now.
Check this link for more info and details.