I've been searching Australian sites for Bag Balm every since Mitch and Molly mentioned it in a comment on my post about Penny's 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 I've ever needed. (No, I don't 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 I'm glad to have it on hand for the future. I think I'd use it on myself, if I had a skin problem, even though it's advertised as being for animal treatment only. Here's 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. I'm going to consult my vet next time I take Penny for a visit.