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The Australian equivalent to this format is "Gold", which is a hybrid of Oldies and Classic Hits. Usually 1960-1989, though some Gold stations (particularly those in regional areas) extend their music universe to the turn of the Century. Around a quarter of the tracks played are from Australian or New Zealand artists due to local music content quotas."Classic Hits" basically refers to any mainstream music that's more than 20 years old. At this point, guys like Smash Mouth and the Backstreet Boys can qualify as classic hits.
"Oldies" is more specific and generally is associated with the Boomers and Silent Generation and can best be described as the popular hits and beloved songs from around the birth of Rock & Roll to around the death of Disco (or about 1955-1980) although some of the earlier oldies stations kept their playlists limited to 1950-1969.