If you buy a PSP charger in Australia it will work with the Australian mains voltage of 240 volts, it may well work with 110 volts too (most are autoswitching). They seem to be quite hard to find here for some reason - I got one from Big W for $20. The output is 5.3 volts which matches the required input for the PRS-505. So to answer you question, nothing will blow up provided the PSP charger is compatible with Australian mains voltage.
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