I don't know that Aussie teams in the ITM Cup are the way to go. The NRL, A-League and NBL are the premier club competitions in Australasia for their respective sports. As far as I know they are basically all commercial enterprises and are designed to make money. The ITM Cup on the other handloses money hand over fist and is propped up by the NZRU. Most of the teams are struggling even to break even. It is far from a premier level competition as its's standard is pretty poor and although it is popular in some provincial towns, stuggles to produce anywhere near the level of interest that Super Rugby does. I can't see how adding trans-Tasman flights and accomodation could help bring it closer to breakeven.
There already is a premier international club competition in the Southern Hemisphere which is the Super XV. What Australia appears to need is an internal competition for 10-12 quality sides that will provide it with some depth. It definitely does not need 1 or two elite teams to play in another competition. Virtually all of the players who play in that 1 or 2 teams would be Super Rugby players anyway.
I think thats the big issue at hand Dam0, its easy to compare to the NRL and A-League, but the ITM Cup is run similar to the Shefield Shield which is done so at a significant loss to Cricket Australia, however is done so to provide a 2nd tier of cricket to promote depth.
The only way an Australian side could be introduced would be at great expense, and no New Zealand team is going to agree to burden the costs, if a team is introduced it will be at the cost of the new Australian teams, maybe an expanded broadcasting agreement could alleviate this but its still going to be a loss.