I think this is the project, not from Australia, but from South Africa. http://www.turingfinance.com/algorithmic-trading-system-architecture-post/
I'm familiar with that study by Stuart Reid. It's a very good read and great reference for a system architecture. Here's a simple diagram of the AlgoTrader architecture http://www.algotrader.com/product/architecture/ Here's a diagram of the QuantConnect architecture https://www.quantconnect.com/lean/documentation/topic2.html
NT has a more simpler implementation under the hood and has been "validated" by thousands of users. Only time and real use cases can say "Yes, that way was right".
What is NT and what does it have to do with open source, or even "source code available for a price"?
He's referring to the NinjaTrader platforms, either version 7 or version 8 which has just come out of the beta stage. They're actually nice software packages but don't have everything you may need to run certain algo strategies. Also they aren't open source.
Ummm.... Bloomberg Terminal, with a colocated exchange link, real-time tick data, and API access to the order book and queue. Be ready to shell out 100M+ per year. (Hey, he said best)