Buy it from a us company in amazon for really cheap and it will still download through steam.
It sounds like publishers simply regionally price games in aus higher. No one knows the exact reason though it all seems to point to legislation.
Afaik steam can't discount stuff without the go ahead from the publisher and the publisher sets the price. Because it's digital distrubution, it's not like valve pays publishers for 50k copies of a game and then has to recoup that cost. They sell the games and pay a royalty to the publisher so the publisher has control over the prices. I'm pretty sure when they do a sale the publisher has to agree to accept a discounted royalty (otherwise valve would lose money on all those 75% off sales, there is no way there's 75% profit margins in their normal prices).
Contrast that to a retail store, they take inventory and then sell the games. So they might go on sale just to clear space and sell a backlog of inventory, or maybe even just to get you in the store.
The over inflated unfair price is because you (and I) are in Australia, OP.
Why is this happening?
1. 2K Games are a bunch of giant scumbags and are deliberately overcharging Aussies because they love to price gouge us (it's probably this).
2. An Australian distributor/importer is forcing 2K to force Steam to charge that much, so that Steam can't outcompete Australian brick and mortar stores (doubtful).
It's certainly not Steam's fault because Steam is just charging what they are told to charge by 2K.
What to do about it?
1. You could possibly buy from an overseas reseller like http://ozgameshop.com. They currently have 1 copy of Civ V Gold Edition in stock.
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