Iceland is populated by the descendants of the Vikings. The Vikings settled Iceland in the year 874 A.D. In 930 A.D. they founded the worlds oldest legislative assembly Althingi. Today, Iceland is populated by about 293.000 inhabitants. Due to it's isolation in the North Atlantic, the population has remained very homogeneous and still speaks to old Viking language close to the original. According to Statistics Iceland, there were 56 individuals living in Iceland in 1999 from Oceanic countries. This would indicate a very small number of Australians living in Iceland.
For detailed statistical information on Iceland, go to Statistics Iceland web site.
For more information on Iceland and it's population, go to the Icelandic Foreign Service website. They have information and links to other sites.