I've got a 6 rm house rented by the room to student in Victoria. As ozperp has explained so well, there's a maze of regulations & considerations for this type of investment but like most things in life that require a bit of effort, it can be very worth it.
I thought I'd let you know what I provide since you asked that question and I don't think it was covered:
Per room:
Bed, mattress, mattress cover (replaced yearly if I remember), desk, chair, lamp (BIRs in each).
Kitchen:
Fridge * 2, plates and cutlery, microwave, bin, basic pots & pans, cooking utenciles, toaster, knives
Living room:
couches * 2, TV & stand, DVD player
Dining:
table & chairs
Laundry:
washer and dryer
Other:
* Washing line & pegs (I want to encourage them to use the line and NOT the dryer since I'm paying the utilities)
* Internet access and cabling (I had the house wired up as I didn't want to deal with wireless issues)
* Extra rubbish bin
* Extra HWS
* Monthly cleaner for common areas ~$140
* Monthly mowing and basic gardening $50