DIAC has announced that as of 2 January 2009 Subclass 457 visa holders may travel label free to Australia if they hold a passport from an eligible country. The complete list of eligible label free countries for the Subclass 457 is:

Andorra 
Austria
Bahrain
Belgium
Bulgaria
Cypress
Czech Republic
Brunei
Canada
Denmark
Estonia
Finland
France
Germany
Greece
Hong Kong , Special Administrative Region, People's Republic of China
Hungary
Iceland
Republic of Ireland
Italy
Japan
Kuwait
Republic of Korea
Latvia
Liechtenstein   
Lithuania
Luxembourg 
Malaysia
Malta
Monaco
New Zealand
Oman
The Netherlands
Norway
Poland
Portugal
Qatar
Romania
Republic of San Marino
Singapore
Slovakia
Slovenia
Spain
South Africa
Switzerland
Sweden
Taiwan
United Arab Emirates
United Kingdom of Great Britain, and Northern Ireland
United States of America
Vatican City