Note: Different Outlook Versions, have slightly different options. this guide below is for Outlook 2007.
Other outlook versions will have similar options.

Open Outlook, goto Tools, Account Settings.
Click New, Select the Option with POP3. Click Next.
Select the Option Manually Configure Server Settings. (bottom of Page), Click Next.
Select Internet Email, Click Next
Enter the settings as per the below screen.
 
Note: mydomain.com.au should actually be your own domain name.