Yeah I lived and worked at the Lake last season and lived in Banff the season before, and will be back at Lake Louise with any luck this year. First off are you going to be working? Because if not then your only option for somewhere to live in Lake Louise is the HI hostel as the other hotels are pricey and there are no houses to rent because its all allocated to staff housing. If you work in Lake Louise then your entitled to staff housing, not free but very cheap compared to other places. Or you could live in Banff, houses to rent there, can be a little pricey but theres ALOT more going on and better places to go out or do shopping.
Obviously theres 3 resorts in the immediate area, Mt Norquay which had an awesome park last year, but kinda small and does night riding fridays! Then Sunshine Village, often gets great snow, needs a bit of getting used to so you know when to point the board at the flats and go, also has a decent park. Finally Lake Louise, which has some awesome runs, mostly over the back of the mountain, the front can get kinda icy easily and the park now sucks with no jumps. I'd rather ride Lake Louise over the other two, but if you feel like you might want to split your time equally then living in Banff makes it much easier to get to them. Then again if you just ride at the Lake you won't get bored of it.
Within 2 or 3 hours drive you have Kicking Horse and Revelstoke, which you have to check out if your there, just hook up with someone with a vehicle and go, they're awesome.
It really depends what your gonna do there, if your gonna work it makes life alot easier, cheap housing, free pass if you work at the hill which is awesome.
Oh yeah plus the place is FULL of you damn Aussies!! You'll feel right at home