The region's stores will remain operational until a buyer is found by administrators PriceWaterhouseCoopers, reports MCV.
GAME Australia is an independently owned chain, employing 500 members of staff and trading as TGW Pty Ltd.
In a message sent to employees, the administrators confirmed that new release Diablo 3 would not be in stock and that pre-order deposits wouldn't be refunded.
"Due to the appointment of an administrator to our business this morning, it is with regret that I inform you all that our stores will not be receiving any stock of Diablo 3," the statement reads.
"Because of this, we regrettably will be unable to fulfil any pre-orders. Also, we will be unable to refund any deposits paid towards a pre-order of Diablo 3."
Earlier this year, the UK arm of GAME was saved from administration by OpCapita.
Prior to the takeover, a total of 277 shops and 2,000 jobs were lost.
The takeover didn't apply to its overseas territories, however, with rumours circulating that Gamestop was interested in purchasing GAME's Spanish and Portuguese stores.
View pictures of GAME's Modern Warfare 3 launch below: