Australia, right?  That may make my recommendations moot if they don't have it down under but for tool handles, I love the feel of Tried and True Varnish oil.  It gives a silky smooth feel that is very pleasing in the hand.  It is basically a boiled linseed oil with a little natural varnish in it.  The varnish gives it a little more protection than a straight BLO or tung oil finish.  The downside is that these oil finishes take several very thin coats to build up the finish over several days and some take weeks to fully cure enough that they do not smell.  Hardwax finishes is another option that will feel great in the hand.  A simpler and maybe easier to get option would be a couple of coats of a wipe-on polyurethane.  The oil based versions will feel better in the hand.  You can make your own wipe-on poly by thinning it 50-50 and oil based poly with mineral spirits. 

--Nathan, TX. Hire the lazy man. He may not do as much work but that's because he will find a better way.