"One of the major issues to be discussed will be the likely massive expansion of the Internet's real estate that could allow for new domain name extensions such as .Paris, .nyc (New York City), .berlin and maybe even .Sydney."

Levin said Australia has one of the highest registration rates of domain names in the world.

The TLDs, the portion of a domain name that comes after the dot, could see for the prestige of owning their own address suffix. Removing the cap off the strictly 21 TLD system will bring "innovation, choice and change" to the Internet, according to ICANN.

Melbourne IT CEO Theo Hnarakis said the high price for TLDs will stop bogus applications and cover the cost of disputes between entities vying for the same name.

IDN will allow non-English speaking people, who make up the bulk of Internet users, to search online using their own languages including Arabic, Hindi, Chinese or Hebrew.