Emergency warning text and siren to be sent to every phone in Australia [July 27 at 2pm AEST]
(www.brisbanetimes.com.au)
Germany has been doing these or a while now, works quite good (the tests at least). It only works when your phone is connected to a cell tower, though, that's not really a problem over here in Germany but it could be quite a big one in Australia.
I don't think cell coverage is that good in the Outback, even with Vodafone doubling their network coverage (har har).