The three Great Continents are Aldenard, Ilsabard and Othard, with Aldenard being the westernmost of the three, correct. But yes, there are more lands in all directions, such as Meracydia to the South, and The New World which you were talking about.
As to an Australian counterpart, maybe it is the Island of Bianaq (which I cannot seem to place)? I can only dream! As a proud Australian, I long for kangaroo beastmen and platypus mounts...