It appears that the British Advertising Council has ruled that the word is swearing and swearing is prohibited now, in spite of the fact that the word has been used in previous ads beside the Paul Hogan one (a previous Aussie Tourist campaign btw!) as a swear word. The ad is played, but the word is being beeped!

However "depending on the context", the word can be used in TV programs, as that is decided by a different censor body! 'Little Britain', and other programs use it liberally. Which leads to the insane situation that a popular cooking program (an ideal target audience for the ad campaign!) with a celebrity chef can use the word all the time as a swear word, but when the ad is played in that program, the word has to be beeped out!

We aussies are now beginning to understand the hassles you Brits have been having with the licensing of playing of live music...