Riot are definitely setting up some local servers for Australian players as part of their newly-formed Sydney studio. The news came via a thread over on Riot's forums where country manager Oceania answered a few questions about what the new studio would mean for Aussie players, among other things (detailed below) he confirmed that Riot "will release servers [in Australia]."
Oceania was asked about new jobs going at the studio, what would happen to any purchases made in other regions, and when players could expect to see the servers online. In answer to the jobs question he pointed to the new studio's careers page. He went on to answer the question about region-locked kit sating that Riot are "aware that "not losing content you already purchased / unlocked" is something important [...] so rest assure we are working on this." And denied rumours that the servers would be going live as early as the end of March. Unfortunately, he said that as they are still "hiring now" it will be a while "longer than that to be ready".
Hopefully we should hear word of the new servers soon.