Someone on the official McLeod's Daughters (Channel Nine) forum said they heard season 2 will be released in North America on May 8th.
This is the response I got from the company who owns the rights in the US:
Season II is releasing to the US market on May 8th. We announced it just two days ago. You can reserve copies with us now at www.kochvision.com (search for 'mcleod') or wait a week or so and order through Best Buy. Either way, May 8 is the day.
Season III will likely come our in the Fall, and then seasons 4-5-6 will following in 2008.