Risks in bringing a UDRP complaint 

Apart from the obvious "egg on face" risk of losing and the terrifying sanction of being found to be a reverse domain name hijacker, Circle ID argues that in some cases bringing a speculative UDRP complaint against a UK citizen who registered a domain name through a UK based registrar may expose the complainant and its lawyers to actions in the UK:

(1) for malicious defamation; and/or

(2) for unjustified threats of trade mark infringement ...

Read more.  Lid dip Marty Schwimmer.

Defamation laws in Austalia wouldn't help corporate respondents here unless they were "excluded corporations".  On the other hand, the common law defences preserved by the uniform Defamation Acts do contain a carve out for malice.

I am not at all sure about unjustified threats.  

Unlike some of the other IP legislation, the trade mark action arises for threats to bring an action for infringement, not a threat of action or similar proceedings.  Maybe a court would construe "action" broadly but why is the actual filing of a complaint a threat of action?  Either the "action" is brought by the filing of the complaint (and so is not a threat) or, more likely, a reasonable person on the receiving end of the complaint would not apprehend that a refusal to surrender would lead to (court) proceedings.