Aaahhh, unfortunately Panzerknacker, the good old M-1 carbine is illegal in Oz now, along with all the other semi-auto's. So, your chances of even seeing one, let alone having one are next to nothing.

($10,000 fine and minimum 5 years gaol)
My brother used to have one, and a very nice little rifle it was. Quite accurate at short to medium range (say up to 200 metres) but then the accuracy tailed off.
I've only ever seen one M-1 with a folding stock and that was quite pricey I recall, about 3 times the going rate for a standard wooden stock M-1. Prices also seemed to vary dramatically depending upon who manufactured the gun in the first place. Some manufacturers only made a limited number of M-1's under contract.
But, like I said, such things are illegal now, ever since the massacre at Port Arthur. More's the pity. Wouldn't mind a nice semi-auto myself, something like a G43 with scope would be really nice. Oh well....
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"Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws."
- Plato (427-347 B.C.)