Australia is interesting here, because we have very clear rules about who owns your domain and what they can do with it.
The AuDA (Australian Domains Authority) sets the rules; registrars follow them. The registrant of a domain does not own it - only AuDA does. You simply buy control of it for a certain period of time. The registrar and AuDA are limited in what they can do.
This becomes really nice in cases of squatting etc. Unlike the expensive and corporate-friendly process used by ICANN, in .au you can usually reclaim a domain you have claim to (and the claim rules are *clear*) if the current registrant isn't using it and offers to sell it to you. That's viewed as bad faith negotiation, and they lose control of the domain.
In general it works out as "if you play fair, everything works out." I haven't heard of any issues, and the AuDA guys are really good. It's in my view much saner not to view domains as "property" like the US system seems to, but instead view them as access to a resource.
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