The visa requirements stipulate that this visa is only available to passport holders, without dependent children and between 18 and 30 (incl.) from the following countries:
With a Working Holiday Visa, you can travel around Australia for 12 months and work at the same time. However, you are limited to a maximum of 6 months per employer. The idea is to allow you to work to support your travelling habits - it is not designed for people whose primary wish is to become part of the Australian work force.
You are able to leave and re-enter Australia as often as you like during the 12 months of your visa's validity. You are also able to study in Australia for up to 4 months.
The visa itself costs $270 (non-refundable if your application is rejected). You can apply online at the Immigration website.
If you have done at least 3 months of seasonal work in regional Australia during your first year on the Working Holiday Visa, you may be eligible for a second Working Holiday Visa.
For more information on requirements for the second visa, refer to this page on the Immigration Department's website.
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