Within Australia. You probably can't do international transfers for free. The same local transfers system exists here in the Nordics too :)

Italy too, and Italy's banks are not exactly on the forefront of world banking any more. In the US, it's not so easy, at least that's my recollection.

It can be a AU$24 flat fee plus potentially any conversion fees for an intl transfer.

In my experience it's only near-instant if it's to the same bank. ANZ to CBA always seems to be overnight, for example.