I have pretty much static 330ms (2 bar yellow). It really does suck especially since I'm one of those gamers that can't stand lag (played CS1.5 religiously back in the day). I wouldn't settle for a ping over 90ms to play decent.
You'll probably think I'm crazy for not restarting on the US server but honestly, I haven't had any problems on my WD until Inferno Belial. The hit box of his slams coupled with the lag was frustratingly stupid. What I'm trying to say is it's not impossible.
I read the US forum because it has an AUS/NZ thread and I see so many people crying that the game isn't fair for us and you're right it isn't, but it's not impossible. The PvP is going to be complete %^-* and that's my opinion, it's pretty obvious when it comes to brain vs brain unfortunately over the internet ping becomes a major issue.
I guess the moral of my post is that to anyone feeling like the game is over for them because of the lag, just hang in there and perservere, because you will get past that hurdle and into an even bigger one haha...and that's what makes this game fun, the huge challenge set upon AUS/NZers :)