I have finally come across a way that promises live streaming of the Formula 1 races (and qualifying, so it says) online.
To watch this, you need to use this proxy which costs about 68 USD for one whole year. (or you can trial by paying for e.g. 3 months to ensure it’s working for you)
It allows you to choose an Australian IP, which means that Australian sites will allow you to watch their content / streaming of live F1 online.
Follow the link above and buy the proxy, and for 68 USD you can get all the F1 2012 season live online streaming !!