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If I put down an Australian address for the director, will ASIC follow him up to see if it's his address?

We are not sure whether ASIC makes any inquiries beyond the information provided to them in the Form 201, and it is possible they may be satisfied if the director's address is an Australian address. However, for the purpose of lodging an application to register a company under S.117 of the Corporations Act 2001, S.205D provides that an officeholder's address must generally be their usual residential address.

Of course, this just sets out the requirements for including an address on an application form, and does not change the requirements of S.201A.

If you are concerned about whether or not the company will meet these requirements, you may want to consider appointing an additional director who is definitely a resident of Australia.