What nationality are you?
Are you currently in Australia as an overstayer?
Whether your overstay in Australia causes a problem is a matter for the UKBA. The best thing you can do is declare the overstay on the application form. If you fail to do so, you may be deemed to have been deceptive and this will cause you further problems.
The only thing you can do at this stage is to make an application for entry clearance and provide the details of your previous travel history.
I am of the opinion that provided there is a good reason for your overstay in Australia and you declare the overstay on your application form, it should not adversely affect your application.
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