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To qualify for E-3 classification, an alien must, among other things, be an Australian national who is seeking employment in a specialty occupation requiring possession of a bachelor’s degree or higher (or its equivalent), and possess the appropriate degree (or its equivalent) in the field in which the alien wishes to work. E-3 nonimmigrant status is initially granted for a period of no more than two years. Extensions of stay may be granted indefinitely in increments not to exceed two years.
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For more details, consult the following links:
Australian Professionals ("E-3") (U.S. Embassy, Canberra, Australia)
E-3 Regulations (State Department) - September 2, 2005 PDF
USCIS Guidance on E-3 classification - January 6, 2006 PDF

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