This largely depends on the type of work and whether or not it involves Australian consumers or businesses paying money which ultimately ends up in another country.
If that is the case, then you can't do it - because you are carrying on a business in Australia without being registered, having an ABN, paying tax, etc.
If your work does not involve Australian consumers or businesses, then I wouldn't be concerned about it. In this case, the fact is that your income comes from another country and you are spending that money here - which is a positive for the Australian economy. I don't see anyone having a problem with that.
As Ann pointed out, this is more about taxation laws than anything else. So if you are not carrying on a business activity that involves dealing with Australian people or entities, then you are not required to pay tax here - as you are simply an employee working away from the office and paying relevant taxes back home.