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In the US it means socially liberal or progressive. Here it generally means centrist,
...those 2 positions being quite close on any generalised scale.
Some would say that most US "centrist" positions aren't actually centrist at all but are, in fact, just bog-standard neoliberal, trickle-down-economics, positions without the overt nationalism or racism.
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In Australia it means people like Tony Abbott ...
ffm
pascalo
@ 
That's wrong on both counts. That's not how it's used in the US, and that's not how it's used here.
In the US it means socially liberal or progressive. Here it generally means centrist, although that's obviously not hard-and-fast.
There are many people - mostly the socially liberal or progressive - in the US who wear the term with pride and would, in many cases, probably get on with many of the people here who use it pejoratively.
I've never seen it used as a catchall for the "other" politically.