Most Australian snake venoms are primarily neurotoxic - they affect the nervous system and kill you by affecting the nerves of the heart and lungs. By keeping the venom confined in one area (with a bandage) you are keeping the neurotoxins from reaching the area where they will do the most damage.
Many exotic crotalids and viperids have venoms that are predominantly haemotoxic or cytotoxic - they attack the blood vessels and eat away at the flesh. The African vipers of the genus Bitis can cause such severe damage that victims are permanently scarred and may need skin grafts. Confining the venom to one area
may exacerbate the situation.
I haven't spent a lot of time researching snakebite techniques for those snakes, although I have tried to find out what they do in other countries and the general consensus is "get antivenene ASAP".
Perhaps some of our international members with firsthand experience can share their thoughts?
Hix