In part this depends upon Australia's laws, part on where you plan to sell it, and lastly what style of rye whiskey you want to make. In the US, Rye Whiskey, using that standard of identity, has to by law be stored in New, Charred, Oak barrels. To add the term "Straight" it must be stored in those barrels for a minimum of two years. To make a traditional US style rye whiskey, with the flavor profile associated with it, you have to use the new, charred, oak barrels; but, depending upon your laws and where you plan to sell it, you can age or store as you see fit.
From the US TTB 5.22 The standards of identity:
(1)(i) “Bourbon whisky”, “rye whisky”, “wheat whisky”, “malt whisky”, or “rye malt whisky” is whisky produced at not exceeding 160° proof from a fermented mash of not less than 51 percent corn, rye, wheat, malted barley, or malted rye grain, respectively, and stored at not more than 125° proof in charred new oak containers; and also includes mixtures of such whiskies of the same type.
(iii) Whiskies conforming to the standards prescribed in paragraphs ((1)(i) and (ii) of this section, which have been stored in the type of oak containers prescribed, for a period of 2 years or more shall be further designated as “straight”; for example, “straight bourbon whisky”, “straight corn whisky”, and whisky conforming to the standards prescribed in paragraph ((1)(i) of this section, except that it was produced from a fermented mash of less than 51 percent of any one type of grain, and stored for a period of 2 years or more in charred new oak containers shall be designated merely as “straight whisky”. No other whiskies may be designated “straight”. “Straight whisky” includes mixtures of straight whiskies of the same type produced in the same State.
(2) “Whisky distilled from bourbon (rye, wheat, malt, or rye malt) mash” is whisky produced in the United States at not exceeding 160° proof from a fermented mash of not less than 51 percent corn, rye, wheat, malted barley, or malted rye grain, respectively, and stored in used oak containers; and also includes mixtures of such whiskies of the same type. Whisky conforming to the standard of identity for corn whisky must be designated corn whisky.