U Turn, Left Turn, who gives way?

A while back I almost had an accident when a car doing a u-turn came from nowhere as a was turning left, exactly like the example on this link http://aussieexotics.com/forum/driving/who-gives-way-354.0.html

I was looking on my right side to make sure there was no on-coming traffic and had no way of knowing that the car (blue) on the link is making a u-turn. From then on I became aware and simply give way unless they signal me that they are giving way. I simply give way as I just want to avoid any accidents and the hassle of being involved in one as well.

However, it's always been in the back on my mind on who gives way. Your thoughts. This is in Victoria btw.

U-turn always gives way to left turn unless the U-turn is prompted by an right-only traffic arrow.

http://www.vicroads.vic.gov.au/Home/SafetyAndRules/RoadRules/Turning.htm

As Aaron said

Thanks. I thought that was the case, but ever since I almost had an accident when a car making a u-turn didn't give way, I wait until they indicate that they will give way before proceeding. I'd rather be safe than right specially if my kids are with me.