The first round of applications for TLDs under the new rules closes next month. Other Australian organisations seeking TLDs include the Australian Football League, and the state governments of Victoria and New South Wales.
Gaining and maintaining a TLD is an expensive undertaking, and it seems that iiNet does not propose to monetise .iinet. According to a statement issued by ARI Registry Services, ".iinet will allow the company to establish a branded corner of the Internet completely dedicated to its business, products and customer base."
However, iiNet operations manager Roger Yerramsetti left the door open by saying his company "is looking forward to exploring the possibilities its own domain will bring."
The new TLDs are expected to go live in early 2013.