Update!
Good news for Australia - the Commonwealth Government has introduced new laws, referred to as ADR 83/00, reducing the noise levels of new on-road vehicles. The laws appear fairly complicated, partly due to the 4 year phase in period from 2005 to 2008, but the upshot is that all new on-road vehicles will be subject to lower noise emission limits than in the past.
There are 3 main problems with ADR 83/00 - firstly it only applies to new cars, so it will take quite some time for the effects to become noticeable. Secondly, it doesn't apply to off-road vehicles. Thirdly and most importantly, it doesn't prevent people from modifying the exhausts of their vehicles - the states need to introduce separate laws to prevent this, and maintain vehicles within 5 decibels of initial noise levels. So far only NSW has done so.
If you live in a State other than NSW we urge you to contact your State MP and ask them to introduce similar vehicle noise legislation to that recently introduced in NSW, effective from 1/3/08. To view this legislation, go to http://www.environment.nsw.gov.au/noise/poeonoisereg08.htm