A 6 month membership has been introduced by Cycling Australia (CA). This membership is available from June 1st each year. So now you can join mid way through a year without having to pay for full 12 months. By purchasing a 6 month Gold racing licence you can take part in all racing events just like the normal annual Gold licence. An even cheaper option is the 6 months Regional Gold licence which allows access to all races run by the Geelong Cycling Club.
Full details and fees are contained in the CA membership application link