I don't believe in violence at all. I agree with Australian law!
I think the most important thing is to make childern undersand why they did wrong and how to behave better. So I'd first explain the situation to my children, then I'd punish them if I thought it was educational, but never beating them. For example, if my child spent too much time watching tv, I'd forbid him to watch it for a period of time: this would be intended not only to punish him, but also to make him notice he can happily live watching less tv and playing outdoor...