Yep, it's in Bunnings (in the Garden department, near the wetting agents). We had a lot of trouble finding it in our local Bunnings, and the salesgirl helping us didn't even know what Vermiculite was. It was inside on the shelves near packets of seeds and wetting agents (not in the outdoor Nursery section).
It needs to be combined with enough water so that it will form a ball if clumped together... but if you squeeze the ball and water drips out, then it's probably too wet. I hope that makes sense