What a great song! It was great in the 80s and it's still great now! I love it not just for the music, but because it is about Australia, a place I have always wanted to visit. The flute part in the song is really cool, and is actually based around the tune "Kookaburra."
A year ago or so I was in a coffee house and heard an acoustic version of "Down Under" which I really dug. Colin Hay, lead singer of Men at Work, had released an acoustic version of the song. I think I may like that even more than the original. But hey, they're both good; it all depends on if you're in the mood for upbeat or mellow.